Market buoyed by good Chinese news

THE Australian sharemarket gained ground for the second consecutive day, helped by a positive development for debtladen Chinese property colossus Evergrande.

The benchmark ASX200 index closed 0.32 per cent higher at 7296.9 points, while the All Ordinaries Index found 0.41 per cent to 7593.8.

OMG boss Ivan Tchourilov said news that Evergrande reached an agreement on its next interest payment quelled market fear. “However, longterm prospects for the company are still in question as Beijing continues regulatory crackdowns,” he said.

Insurance stocks fell in the wake of the earthquake that shook areas across Victoria, NSW, the ACT, and Tasmania on Wednesday.

QBE dropped 0.6 per cent to $11.20, Suncorp dipped 2.1 per cent to $12.17 and IAG dived 3 per cent to $4.87.

Energy shares were among the best performers.

Beach Energy advanced 5.12 per cent to $1.13, Woodside gained 2.44 per cent to $21.43, Oil Search put on 2.39 per cent to $3.85 and Santos rose 1.94 per cent to $6.31.