The S&P/ASX 200 ended Monday up 36.6 points, or 0.5 per cent, to 7192.3 as iron ore prices helped lift BHP and Fortescue Metals.
The Australian sharemarket recouped earlier losses on Monday to snap a four-day losing streak, thanks in part to a rally in iron ore miners and the big four banks.P/ASX 200 Index ended the day up 36.6 points, or 0.5 per cent, to 7192.3 after falling as much as 0.2 per cent earlier in the session. The All Ordinaries rose 0.4 per cent to 7387.8.
In a recent note, Morgan Stanley analysts said the steelmaking ingredient had “exceeded expectations”, as predicted steel cuts in China had failed to materialise. Sean Callow, senior currency strategists at Westpac, said the local currency was finding a little support at the start of the week as the greenback faltered and the yuan bounced.
Bendigo and Adelaide Bank was up 2.7 per cent to $9.21 after the lender appointed current board member and former Suncorp CEO David Foster as its next chairman. Current chairwoman Jacqueline Hey is due to step down in October.
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