Moderate rise in Australian stocks despite nuclear fears
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.