Mar­ket re­cov­ers af­ter shaky ground

Townsville Bulletin - - Investor -

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.

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