SYDNEY, Aug. 8 (Xinhua) -- Aussie stocks have rallied on Monday on robust risk sentiment as investors piled into banking stocks as earnings season gets into full flight.
On Monday the benchmark S&P/ASX 200 index was up 40.40 points, or 0.73 percent at 5,537.80 points, while the broader All Ordinaries index was up 40.10 points, or 0.72 percent at 5,625.70 points.
The strong U.S. non-farm payrolls data reversed a lot of the negativity that came with the durables goods orders early last week.
"That turn around in thinking has really fed in to the market," CMC Markets chief market strategist Michael McCarthy told Xinhua.
"Markets this stage (are) clearly focusing on the positive aspects of the U.S. economy, rather than the potential negative of higher U.S. interest rates sooner.
Australia's financial stocks led the market higher after a surprising profit result from Bendigo Bank that saw an uptick thanks to lower provisions for bad and doubtful debt, going against cycle of the "big four".
"I suspect when you're getting growth at all in this environment, that's a positive," McCarthy said.
Full year earnings are front and center of trading this week with market participants closely watching the Commonwealth Bank of Australia's results for insights into future funding patters as well as housing and credit demand, IG chief market strategist Chris Weston said in a note.
"The commentary could have far reaching implications for the broader market given traders really want to hear how the economy is tracking from one of the key players," Weston said.
On Monday ANZ added 1.78 percent, the Commonwealth Bank of Australia gained 1.38 percent, the National Australia Bank rose 1.43 percent and Westpac was 0.83 percent stronger.
BHP Billiton rallied 2.22 percent, rival Rio Tinto climbed 1.07 percent, however gold miner Newcrest slumped 4.28 percent.
Oil Search rose 1.66 percent, Santos edged 0.32 percent higher and Woodside Petroleum bounced 1.93 percent.
Wesfarmers gained 0.50 percent however rival Woolworths slipped 0.04 percent.
Qantas was up 1.59 percent, however telecom giant Telstra fell 0.88 percent.
