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S&P/ASX 200 extends winning streak into fifth day

Financials were the main contributor to overall improvements with the four major banks advancing as much as 1.5%.

AGL Energy - S&P/ASX 200 extends winning streak into fifth day
Rio Tinto closed 0.87% weaker after releasing a quarterly update

S&P/ASX 200 (INDEXASX:XJO) had its best day in more than six weeks since August 30 as it extended its winning streak into a fifth day. The benchmark index rose 84.5 points or 1.27% to 6736.5.

Local shares were buoyed by the US earnings season with stronger than expected earnings growth sentiment.

This helped overcome fears of International Monetary Fund (IMF) revising its global growth forecasts lower for 2019 and 2020.

Financials were the main contributor to overall improvements with the four major banks advancing as much as 1.5%, with the National Bank (ASX:NAB) the standout.

Woolworths and A2 Milk gain

Supermarket giant Woolworths (ASX:WOW) rose by 2.5% and Infant formula maker A2 Milk (ASX:A2M) closed 1.4% higher.

AGL Energy (ASX:AGL) improved as the utility company is looking to break into the telco sector by agreeing to acquire a regional telco, Southern Phone Co for $27.5 million.

Miners miss out

Rio Tinto (ASX:RIO) closed 0.87% weaker after releasing a quarterly update.

Iron ore production and shipment from its Pilbara operations in WA rose on the previous year, overcoming weather impacts earlier in 2019. However, aluminium and copper production fell.

Gold miners are also lagging with Evolution (ASX:EVN) down 2.9% while Northern Star (ASX:NST) was 2.1% softer as it looks to complete a takeover of fellow gold miner Echo Resources (ASX:EAR).

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