Share mar­ket closes higher but in­vestors fear re­cov­ery is short-lived

STOCK WATCH

Kalgoorlie Miner - - BUSINESS -

The Aus­tralian Share mar­ket has fin­ished in the black thanks to pos­i­tive global leads and higher oil prices.

But in­vestors worry the cov­ery could be short-lived re

if volatil­ity week.

Lo­cal shares moved higher yesterday af­ter a sec­ond con­sec­u­tive day of gains on Wall street, with energy stocks lead­ing the charge af­ter a 10 per cent gain in the oil price overnight.

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CMC Mar­kets an­a­lyst Rick Spooner said Aus­tralian stocks opened strongly but the mar­ket did not ex­pe­ri­ence fol­low-through buy­ing.

“We’ve flagged a lit­tle bit dur­ing the day and that ap­pears to be a bit of book-squar­ing and po­ten­tially some profit-tak­ing,” he said. “There’s still some ner­vous­ness in the mar­ket.

“Even though the rally over the last few days has given peo­ple com­fort, the down­ward moves have been very large and it’s pos­si­ble we are look­ing at volatile swings.”

The big energy play­ers all fin­ished in pos­i­tive ter­ri­tory, with Wood­side Petroleum in­creas­ing 55 cents, or 1.8 per cent, to $32.05, San­tos gained 28 cents, or 5.6 per cent, to $5.30 and Oil Search rose 38 cents, or 5.9 per cent, to $6.77. AAP

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