The ASX enjoyed a strong session on Monday despite chaotic commodity prices and foreign currency moves, as investors finalised their portfolios for the end of the month.

The Russian Rouble dropped 30 per cent during the day to less than US$0.01 and less than EUR0.01- the lowest it has been since the Soviet Union ended. And Brent crude went over $US100 per barrel again during Asian trade.

The benchmark S&P/ASX 200 closed 0.7 per cent higher, up 51.3 points, at 7049.1 points. It gained 1.1 per cent in February, or 77.5 points.

Burman Invest’s chief investment officer, Julia Lee, said the ASX had a strong session given US futures slumped on Monday, suggesting declines of up to 2.4 per cent overnight.

“Don’t forget that it’s the end of the month and that tends to distort the performance,” she explained.

Financial markets were also jittery as they waited to see the impact of SWIFT banning certain Russian banks, Ms Lee said. And economists were now revising down their expectations of a 50 basis point increase in US interest rates this month, which has helped certain sectors.

“We are seeing the technology space come back a bit, and the bond-proxy property space. With these interest rate expectations wound back we are seeing those prices bounce back higher.”

Major miners added the most points to the index with BHP gaining 4.4 per cent to $46.66, Rio Tinto up 3.2 per cent, and South32 closing at a new high of $4.81, up 4.1 per cent. Fortescue declined 2.4 per cent after going ex-dividend.

Gold miner Newcrest gained 3.4 per cent while Lynas Rare Earths closed at a four-week high of $10.23. Oil producers also improved with Woodside up 2.1 per cent and Santos up 1.5 per cent.

The big banks dragged on the index and insurers tumbled as traders worried about the costs of flooding on the north-eastern seaboard. IAG dropped 4 per cent, Suncorp dropped 3.2 per cent, and QBE dropped 2.5 per cent.

Domino’s Pizza fell 4 per cent to a 15-month low of $78.95 after a downgrade by a formerly bullish analyst.

Vitamin pill maker Blackmores gained nearly 10 per cent to $82.65, recovering from last week’s declines.