Iron ore producer Fortescue enjoyed the biggest gains of the session, up 4.9 per cent to a new high of $24.04, as iron ore prices in Singapore touched $US170 per tonne. BHP gained 1.2 per cent and Rio Tinto 0.9 per cent to a 12-year high of $118.60. Kogan gained 4.8 per cent to $18.90 and Harvey Norman improved 1.5 per cent.
Qantas fell as much as 6.3 per cent to $4.61 during trade but closed flat at $4.89 and Flight Centre dropped 7.1 per cent but recovered to be 1.8 per cent lower at $15.58. Toll-road owner Transurban dropped 1.1 per cent to $14.
Client advisor at Morgans, Roger Taylor, said the market was very sensitive to news on Monday, starting with news Congress had a stimulus agreement that would be put to a vote on Monday night, or Tuesday local time.
“If the US reacts strongly to that tonight, then we might suit tomorrow,” he said.
Meanwhile, this summer might see the…