ASX rises 0.23% higher, oil jumps following Israel attacks

The news: The benchmark ASX 200 finished 0.23% higher to 6,970.20 after an early rally led by commodities gave the index its first glance at 7000 since the start of the month. Uncertainty following the weekend's attacks in Israel bolstered the price of crude and safe-haven investments such as gold and the US dollar. The Aussie dollar lost ground against the greenback to finish at 64.5 US cents while gold lifted to USD1832.15 ($2886.15) per ounce.

The numbers: The energy sector led stocks higher, gaining 3.0% as oil jumped 3.4% to USD87.51 ($137.42) a barrel in early trading as major players Woodside (+2.9%), Santos (+3.9%) and Ampol (+1.9%) all charged ahead. Coal miners also performed well, with Yancoal and Whitehaven gaining 2.4% each. Gold miners gained the most, De Grey Mining bouncing 10.3% as gold snapped back from a nearly 7% decline over less than three weeks.

The context: There is plenty of ABS data this week, with building approvals tomorrow, followed by business turnover and payroll jobs on Wednesday and Thursday. Westpac consumer sentiment and NAB business confidence data will be released tomorrow. International Monetary Fund meetings kick off tonight, with IMF and World Bank officials gathering each day until next Monday. US banks will be closed overnight for Columbus Day, but markets will open as usual.