Mod­er­ate rise in Aus­tralian stocks de­spite nu­clear fears

Townsville Bulletin - - Investor -

THE Aus­tralian share mar­ket closed in the black for the first time in the past six trad­ing ses­sions, over­com­ing Ja­panese nu­clear fears.

The mod­er­ate rise was fed by strong gains in Tokyo and bar­gain hunt­ing do mes - tically.

The bench­mark S&P/ASX200 in­dex was up 29.5 points, or .65 per cent, at 4558.2 point s , whil e t he broader All Or­di­nar­ies in­dex put on 34.1 points, or .74 per cent, to 4644 points.

On the ASX 24, the March share price in­dex fu­tures con­tract was 32 points higher – at 4567 points, with about 126,000 con­tracts traded.

CMC Mar­kets chief mar­ket strate­gist Michael Mc­Carthy said the do­mes­tic bourse took a roller-coaster ride, in- itially climb­ing on im­proved sen­ti­ment around the po­ten­tial for a Ja­panese nu­clear catas­tro­phe.

When Tokyo mar­kets gave up some of their ini­tial strong gains, the Aus­tralian mar­ket plunged back to­wards open­ing lev­els.

How­ever, bar­gain hun­ters then drove a gen­tle rise in late trade, Mr Mc­Carthy said.

Ja­pan’s bench­mark Nikkei 225 in­dex surged more than 6 per cent as the Bank of Ja­pan pumped emer­gency f unds i nto t he f i nan­cial sys­tem for the third straight day.

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