Bourse-ting at the seams
THE Australian stock market has finished the year at a record high with the resources sector, particularly uranium stocks, driving the bourse upwards.
The benchmark S&P/ ASX200 was 9.4 points higher at a record 5669.9, up 19 per cent over the year.
The all ordinaries gained 10.3 points to also close at a record 5644.3, up 19.8 per cent.
At the close of day trading on the Sydney Futures Exchange the March share price index contract was down eight points at 5646, on a volume of 9024 contracts.
ABNAMROMorgans adviser Lisa Jarvis said the uranium sector was bolstered after Prime Minister John Howard said nuclear power was part of the solution to the nation’s energy needs.
‘‘The uranium stocks have been front and centre today, and there has been a lot of movement in the mining engineering sectors,’’ Ms Jarvis said.
‘‘The uranium stocks really helped through the likes of ERA and Paladin, which hit an intraday high of $9.19.
‘‘I would have thought there would have been more profittaking but everyone is very bullish about the market at the moment.’’