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S&P/ASX 200 rallies to 11.5 year high

The banks provided the market with the biggest boost, as the financial sector surged 5.9%.

ASX boards
Westpac Bank jumped 9.2%

S&P/ASX 200 (INDEXASX:XJO) closed 1.7% higher at 6476, its highest level since December 14, 2007.

The market gained as the coalition’s surprise re-election stamped out the threat of dividend imputation changes and capped health insurance premiums.

The banks provided the market with the biggest boost, as the financial sector surged 5.9%. Westpac Bank (ASX:WBC) jumped 9.2% to $27.75, while ANZ Bank (ASX:ANZ) climbed 7.8% to $27.86.

Without gains in the finance sector the market would have been down.

Big drop for Webjet

The biggest decline was Webjet (ASX:WEB) falling 7.7% to $15.50, nearmap (ASX:NEA) closing 5.7% lower at $3.61 and Altium (ASX:ALU) which closed 4.6% lower at $31.10.

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