The S&P/ASX200 closed up Monday on light volumes, gaining 60 points or 0.83% to 7,333. China's unexpectedly agro rate cut over the weekend gave a nip of nitro to global markets, eclipsing Greater Sydney's Greater COVID-19 problem and the dread of a lingering lockdown. The materials sector, led by BHP (3.8%) drove strong returns on the PBOC's surprise, while the major banks also rose. Australian Pharmaceutical Industries went all Branson (up 20%) on the back of a $680 million offer from Wesfarmers. Tomorrow is Tuesday and that's alright.

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