Miners lead strong Australian sharemarket rally

Australian shares followed a strong lead from Wall Street as the benchmark index closed at its highest level in more than a month on Monday.

The S&P/ASX 200 Index rose 63.8 points, or 1.1 per cent, to 5683.2 and the All Ordinaries advanced 67.5 points, or 1.2 per cent, to 5744.5.

Australian shares rallied strongly on Monday.Credit:AAP

Wall Street shares soared on Friday, with the Dow Jones Industrial Average gaining 3.3 per cent and the Nasdaq Composite Index 4.3 per cent, on the back of a more dovish tone from the U.S. Federal Reserve and an unexpectedly bullish jobs report.

“January was off to a rough start as December’s woes and investors’ pessimism bled into the new year, but [there are] signs of stabilisation in markets given the move dovish stance of the Fed and the stronger non-farm payrolls,” said JP Morgan Asset Management global market strategist Kerry Craig.

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