ASX financial market news: strong rebound lifts market

The ASX 200 witnessed a surge of 0.9 per cent to touch the 8,863 level. The broader markets, represented by the All Ordinaries, also rose 0.8 per cent to 9,148 points. The rally was mainly on the back of banking shares, with the Commonwealth Bank (CBA) giving a 2.2 per cent gain.The insurance stocks followed through, with IAG rising 1.7 per cent. Meanwhile, CSL was up 3.0 per cent in comfort following the all-clear on potential US tariffs on pharmaceutical imports. Analysts believe the bounce was on strong investor sentiment across a wide range of sectors, particularly financials and healthcare.Despite early weakness on Monday, the market moved higher on the back of stabilising signals from the global markets. In the view of many, Monday’s performance marks a considerable step towards regaining confidence in Australian equities.A new high in gold prices had it trading at $3,811 per ounce. Such a surge saw gold shares going up on the ASX while defensive and resource stocks were moving marginally upwards.On the contrary, BHP, Rio Tinto, and Fortescue gave up 1-2 per cent due to downbeat commodity prices and iron ore tumbling in China. South32 avoided the losses and stayed stable. Uranium miners, such as Paladin, slipped 2.4 per cent, while coal miners, including Whitehaven, declined 3.4 per cent. In contrast, energy major Woodside rose 0.4 per cent on the back of high oil prices.The stellar performance of the gold counters has underlined a safe-haven shift amid global uncertainties. While investors consider this rally as proof of Australia standing tall in the gold market and commodity sectors.

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