The September share price index contract was 42 points higher at 4,693 this morning at eh Sydney Futures Exchange. The surge follows after Wall Street closed at a four-month high.

On Monday, the benchmark S&P/ASX200 index lost 7.6 points (0.2 percent) to 4631.3, after being down at 4604.8, while the broader All Ordinaries index dropped 8 points (0.2 percent) to 4677.1.

BHP Billiton Limited (ASX: BHP) was down 12 cents at $38.78 and even rival Rio Tinto Limited (ASX: RIO) went down 55 cents at $74.98.

Westpac Banking Corporation (ASX: WBC) was down two cents at $23.43. The National Australia Bank Limited (ASX: NAB) fell 11 cents at $25.86. The Australia and New Zealand banking Group (ASX: ANZ) slid 13 cents at $23.96 and the Commonwealth Bank of Australia fell 13 cents at $52.58.

Retailer Woolworths Limited (ASX: WOW) dropped 17 cents at $28.59 and so did franchiser Harvey Norman Holdings Limited (ASX: HVN), dropping six cents to settle at $3.88. Supermarket chain David Jones Limited (ASX: DJS) went down four cents at $5.20.

Transportation groups also fell. Toll Holdings Limited (ASX: TOL) dropped eight cents at $6.67 and Qantas Airways Limited (ASX: QAN) also fell slightly with three cents to make it at $2.68.