Bourse-ting at the seams

Townsville Bulletin - - Weekend Extra / Business -

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.’’

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