Bourse resilient amid unrest
THE Australian sharemarket proved resilient to a steady stream of negative news from the Middle East, closing flat on solid performances from resources and healthcare sectors.
The benchmark S&P / ASX200 index was up 3.2 points, or 0.07 per cent, at 4 8 0 6 . 4 points while the broader All Ordinaries index added 4.5 points, or 0.09 per cent, to 4902.8 points.
CMC Markets analyst Chris Weston said the Australian bourse had once again proved resilient amid worrying offshore developments, namely Libya descending into civil war.
‘‘ The market seems very nicely supported around 4800 points,’’ Mr Weston said.
‘‘ The market is able to ab- sorb a lot of this negative information from the Middle East because it is on a backdrop of solid economic performances from some of the developed economies.
‘‘ Germany and the US are certainly seeing signs of economic growth and that is what is spurring people on to buy into equities as the preferred asset class.
‘‘ I believe that if the Middle East situation wasn’t there and we had oil where it should be, around US$ 85 ( a barrel) and pushing up to high $ US80, this stock market would be testing the previous highs of 5025 points now.’’