Australian Stock Report Market Wrap Up: Aussie shares soar on strong GDP numbers

SYDNEY – 2 March 2016: The Aussie market reclaimed the 5000 level today in emphatic fashion, with green ink lighting up the big boards.

“The broad based gains came amid strong leads from the overnight session and a better-than-expected GDP read,” said Chris Conway, head of research at Australian Stock Report.

“Financials, energy and mining plays led the charge,” he added.

The big banks had a particularly strong day. ANZ Banking Group (ANZ) the best of the lot, surging 4.5%. Commonwealth Bank (CBA) finished up 3.5%, Westpac Bank (WBC) 4.1% and National Australia Bank (NAB) 3.5%.

Among the oil companies, Woodside (WPL) was the clear standout, jumping 5.1%. Santos (STO) put on 5% while Oil Search (OSH) added 2.8%.

In the mining sector, BHP Billiton (BHP) advanced 4.4%, rival Rio Tinto (RIO) added 4.7% while little brother Fortescue (FMG) put on 3.7%.

The gold miners weren't as lucky, after the precious metal sunk overnight amid the risk-on environment. Newcrest Mining (NCM) dived 6.2% while Northern Star (NST) and Evolution Mining (EVN) were both crushed 7.4%.

In other news, Mesoblast Limited (MSB) was the biggest winner in the 200 jumping an impressive 28%.

On the day, the ASX 200 added 99 points (+2%) to settle at 5021.

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