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