Market recovers after shaky ground
THE Australian share market closed firmly higher after a tumultuous week.
Stronger investor sentiment was driven by higher material stocks following rises in metal prices and a respite from the negative news about Japan’s nuclear crisis.
T h e b e n c h m a r k S & P / ASX200 index was up 71.1 points, or 1.56 per cent, at 4,626.4 points, while t he broader All Ordinaries index climbed 77.4 points, or 1.67 per cent, to 4,715.8 points.
On the ASX 24, the June share price index futures contract was 90 points higher at 4,647 points, with more than 57,000 contracts traded.
CMC Markets senior dealer Matt Lewis said the local bourse staged a good recovery after being hammered through the week.
Yesterday, the S& P/ ASX 200 index ended down 0.4 per c e n t f r o m t h e p r e v i o u s Friday’s close.
The index came back from an intraday low for the week of 4,480.2 points on Thursday.
Mr Lewis said the local s h a r e marke t h a d b e e n boosted by a higher oil price, positive offshore leads and a pledge by the Group of Seven major economies to halt the rise of the yen against the US dollar in an effort to stabilise the Japanese economy following the earthquake.
Trading volumes on the Australian stock exchange were strong, he said.
Market turnover was 4.24 billion shares worth $ 8.14 billion, with 943 stocks up, 249 down and 330 unchanged.