Local shares enjoy a bullish start to new trading week

“It was a case of a rising tide lifting most boats, with every major sector except healthcare posting gains,” said Chris Conway, Head of Research at the Australian Stock Report.

Conway added that the highlight was the energy sector, which surged 5.4% on the back of a 4.4% gain in oil on Friday night.

Woodside (WPL) jumped 5.9%, whilst Santos (STO) surged close to 10%. Financials and materials were also strong, with each sector adding 2.3%.

The big four banks all enjoyed a day in the sun, adding at least 2.7% each - Commonwealth Bank (CBA) was the best of the lot, up 3%.

Among the miners, BHP Billiton (BHP) led the majors, tacking on 4.4%.

According to Conway, “When the three aforementioned sectors fire, it's usually a good day for the index. And so it was today, with the ASX 200 putting on 94 points (+1.8%) to settle at 5257. It was the best single session for the index since early May.”

He added that the SPI really took off in the afternoon session, punching up towards 5200 and ending near the session high.

Clearly, the expectations regarding the Brexit vote have shifted considerably and that has fuelled today's rally - Wall Street futures are up approximately 150 points.

The market bias is becoming increasingly bullish but will need to reassess in the morning after tonight's international session. 

                                                                - ENDS -