Shares claw back ear­lier trad­ing losses

Townsville Bulletin - - Investor -

THE Aus­tralian share mar­ket cl awed back earli er losses to close flat as bar­gain hun­ters took ad­van­tage of oil-in­duced weak­ness to buy back into stocks.

T h e b e n c h m a r k S & P / ASX200 in­dex was up 10.3 points, or 0.21 per cent, at 4,808.2 points, while t he broader All Or­di­nar­ies in­dex added 6.6 points, or 0.13 per cent, to 4,902.5 points.

IG Mar­kets mar­ket strate­gist Ben Pot­ter said traders had re­alised the sell-off on Mon­day was over­done and had stepped into the mar­ket yes­ter­day to snap up bar­gains.

‘ ‘ R u m o u r s o f ( L i b y a n leader Muam­mar) Gaddafi s e e ki ng a n o r c hes t r a t e d stand­ing down saw oil and gold prices re­treat from their overnight highs,’’ Mr Pot­ter said.

‘‘ This seems to have eased some of the fears in the mar­ket.

‘‘ While the prob­lems in Libya are rat­tling global con­fi­dence and sen­ti­ment, they have very lit­tle ac­tual im­pact on the ma­jor­ity of our big blue chip names.

‘‘ In­vestors are choos­ing to look past the short-term volatil­ity and pick up these qual­ity names at re­duced prices.’’

Mr Pot­ter said fi­nan­cial, en­ergy and in­dus­trial stocks led the mar­ket back into pos­i­tive ter­ri­tory.

Com­mon­wealth Bank was up 12 cents at $ 51.81, West­pac gained 27 cents, or 1.16 per cent, to $ 23.49, ANZ put on 28 cents, or 1.19 per cent, to $ 23.77, and Na­tional Aus­tralia Bank was 16 cents higher at $ 25.30.

Amon g e n e r g y s t o c k s , Wood­side was up 28 cents at $ 42.70, Santos ap­pre­ci­ated 13

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