LOS ANGELES (MarketWatch) -- Australian stocks rallied in early Monday trade, with the S&P/ASX 200 (AU:XJO) adding 0.9% to 5,433.50 to hit another five-year high after Wall Street booked gains Friday. Miners were a strong spot, with Fortescue Metals Group Ltd. (AU:FMG) (FSUMF) up 2.3%, BHP Billiton Ltd. (AU:BHP) (BHP) gaining 0.9%, Evolution Mining Ltd. (AU:EVN) (CAHPF) ahead by 2.6%, and Rio Tinto Ltd. (AU:RIO) (RIO) rising 1.1% after selling its interest in eastern Australia's Clermont coal mine for about $1 billion. Australia & New Zealand Banking Group (AU:ANZ) (ANEWF) improved by 1.4%, the best performer among the major banks, after an Australian Financial Review reported David Gonski, executive chairman of the Australian government's Future Fund, was being sought to run the lender.
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