Monday Rio Tinto, energy stocks leads the way in share market price push

The share markets have rallied with most sectors pushing higher, despite Chinese stocks falling in their first day of trade for a week.

The All Ordinaries index soared by 1.6 per cent to close at 4,893 and the ASX 200 index gained 78 points to 4,844.

Mining and energy stocks led the way with Rio Tinto shares jumping by 4.3 per cent to $42.22, after the global ratings agency Standard & Poor's took the miner's ratings off credit watch negative.

The move comes after Rio abandoned its progressive dividend policy last week.

But weak company results dragged on others in the sector.

Newcrest Mining shares slipped 0.6 per cent to $16.21 after the gold miner's half-year profit more than halved on lower commodity prices.

Shareholders will not receive a dividend for the period.

Rail freight operator Aurizon has swung to a loss of more than $100 million for the half-year.

Aurizon said the result was due to impairments on assets acquired in the takeover of Aquila Resources, and delays to the planned rail network in Queensland's Galilee Basin.

Aurizon shares tumbled 11.2 per cent to $3.42.

Financial stocks forge ahead

The big four banks all pushed higher, with ANZ leading the way on a gain of three per cent to $22.84.

But the regional lender, Bendigo and Adelaide Bank closed 4 per cent lower at $8.86, after reporting an 8.2 per cent fall in half-year profit.

James Packer's Crown Resorts said it would challenge a tax bill worth around $250,000.

The casino company said the Australian Taxation Office had sent an amended assessment for 2009 to 2014 relating to its North American investments.

Crown Resorts closed 2.5 per cent higher at $11.50.

In currencies, the dollar jumped against most major counterparts and at 5:00pm AEDT was buying 71.7 US cents.

It was also fetching 63.9 euro cents, 81.7 Japanese yen and 49.3 British pence.

In commodities, spot gold was buying $US1,220 an ounce, West Texas crude was selling for $US29.27 a barrel and Tapis crude was fetching $US34.93 a barrel.

Source: ABC News

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