Bourse re­silient amid un­rest

Townsville Bulletin - - Investor -

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.’’

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