ASX200 rises 1.2 per cent as banks and health stocks rally; Elders hits 12-year high

ASx posts its best one-day gain in six weeks as financials jump, while materials fall. Elders hits 12-year high, Virtus rises on CapVest deal and petrol to hit $2.50 a litre.

Australian futures indicated a higher start for the ASX but volatility will remain as the war rages in Ukraine. Picture: Gaye Gerard / NCA Newswire

Welcome to the Trading Day blog for Monday, March 14. The Australian market posts its best one-day gain in over six weeks as financials and health stocks rally. It follows Virtus Health accepting CapVest's takeover bid and Elders hitting a 12-year share price high.

The S&P/ASX 200 index closed 1.2 per cent higher to 7149.4 – the biggest single day jump since January 28 when the market rose 2.2 per cent.

On Wall Street, the Dow Jones Industrial Average closed down 0.7 per cent, the S&P 500 fell 1.3 per cent and tech-heavy Nasdaq dropped 2.2 per cent as the US and Brussels announced new sanctions against Russia.

All eyes will be on the Federal Reserve this week, where the central bank is widely expected to raise interest rates.

The US Nymex crude price climbed 2.9 per cent to $US109.09 a barrel amid concern that talks between the US and Iran on a nuclear agreement may fall through.

Iron ore, meanwhile, lost 1.2 per cent to $US154.5 a tonne.

Originally published as ASX200 rises 1.2 per cent as banks and health stocks rally; Elders hits 12-year high