Strong day for investors
THE Australian sharemarket surged 1.9 per cent on Thursday, its best performance in 10 months.
The benchmark ASX200 index closed 1.88 per cent stronger at 7332.2 points, while the All Ordinaries Index jumped 1.73 per cent to 7629.7.
CommSec analyst Steven Daghlian (pictured) said the ASX put in a better than expected performance given an unconvincing bounce on Wall Street overnight on Wednesday. “Tech stocks were down and the broader US market was only up by about a fifth of 1 per cent,” Mr Daghlian said.
He said the last day of the month and quarter could have generated some unpredictable moves on markets, with some fund managers “using the opportunity to clean up their books and investments”.
The ASX200 closed down 2.7 per cent for the month.
OMG chief executive Ivan Tchourilov said blue chip stocks performed well across both mining and banking sectors. Westpac shares rallied 3.3 per cent to $26 on Thursday and Rio Tinto jumped 3.5 per cent to $100.18.
Retailers were also strong performers, with Woolworths gaining 2.8 per cent to $39.35 and rival supermarket giant Coles adding 2.17 per cent to $16.99. JB Hi-Fi rose 3.01 per cent to $45.52, Shaver Shop added 3.03 per cent to $1.02 and Super Retail Group climbed 3.5 per cent to $12.21.