Australian shares claw back ground
AUSTRALIAN shares found some positive momentum yesterday despite US markets not trading and mixed economic data.
The benchmark ASX 200 rallied 1.7 per cent or 84.8 points to 5115.2 points.
European and Asian markets were stronger but the bellwether US market was closed for the Labor Day public holi- day. China’s volatile Shanghai Composite closed up 2.92 per cent.
CMC Markets chief market analyst Ric Spooner said the Australian dollar gained a little ground and was trading at US69.7 late yesterday, which appeared to restore a bit of confidence to the market. “I think the market has just settled down a little bit,” he said. “I think there’s been quite a bit of potential buying waiting in the wings for the market to show signs of stopping falling.”
Among the major banks, Commonwealth Bank rose $1.85 to $74.17, Westpac 72 to $30.52, National Australia Bank 59 to $30.20, and ANZ 82 to $27.53. Telstra gained 8 to $5.68. SHARE PRICES P47