A third consecutive day of solid gains for the local market with the ASX 200 index up 1.8% and a healthy 9% since the start of last week.

The rotation to cyclicals continues with the banks, in particular, in favour. CBA was out with its quarterly update and despite Q1 profit down 16%, loan deferrals were down so shares closed up 2.8%. Energy names also had a good day, while gold and consumer discretionary had another rough one. S&P 500 futures are currently up 0.1%.Our top three VODs today are:REITs and their long list of tailwindsWatch this spaceIt's difficult to justify any of the BNPL stocksSubscribe to ausbiz at ausbiz.com.au Hosted on Acast. See acast.com/privacy for more information.