Australian shares resumed a familiar pattern of advancing sharply in October, as investors shook off the torpor of an extended sideways trading range to snap up banks and miners and push the benchmark top 200 index back towards 6000 points.
A lacklustre day of trading on Tuesday capped a solid month of gains, with the S&P/ASX 200 index jumping 227 points, or 4 per cent, to 5909, while the All Ordinaries climbed by a similar margin to 5976 points.
On Tuesday the top 200 measure eased 10 points as investors cheered a sales update from Woolworths, sending the stock 2.3 per cent higher over the session, while Bendigo & Adelaide Bank shares dropped 4.8 per cent after the regional lender downgraded its earnings outlook.
Climbing major bank stocks underpinned the ASX's monthly climb, with CBA, Westpac and NAB all adding between 3 and 4 per cent. ANZ rose a more modest 1.1 per cent, while Macquarie shot 8.2 per cent higher.
Some investors have been focused on the price measure of the ASX 200 which despite the recent rally, languishes well shy of its pre-GFC highs. But more significant was the sharemarket's performance once dividends are included, Maple-Brown Abbott managing director Garth Rossler said.
The ASX 200 accumulation index, which includes income, is at new highs, and its performance over recent years marks "the longest bull market we've had in about 50 years," Mr Rossler said.
Source: smh
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