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Aussie economy grows 1.2%; shares add over 2%

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Published on: Thursday, September 08, 2011

Australian shares jumped more than two per cent today as Wall Street finished off lows but still lower. Australia’s economy grew 1.2 per cent in the June quarter, seasonally adjusted, following a revised fall of 0.9 per cent in the March quarter, according to the Australian Bureau of Statistics.

The S&P/ASX 200 gained 107.9 points, or 2.65 per cent, to 4183.4.

The All Ords put on 102.2 points, or 2.46 per cent, to 4262.9.

Among the miners, BHP Billiton rose $1.35, or 3.66 per cent, to $38.23 and Rio Tinto was up $2.19, or 3.2 per cent, to $70.60. Fortescue Metals gained $0.16, or 2.66 per cent, to $6.18.

To financials, CBA added $1.51, or 3.28 per cent, to $47.49, NAB rose $0.80, or 3.61 per cent, to $22.94, ANZ jumped $0.77, or four per cent, to $20.03 and Westpac put on $0.57, or 2.92 per cent, to $20.07.

In energy, Woodside Petroleum was up $0.16, or 0.47 per cent, to $33.92, Santos added $0.42, or 3.79 per cent, to $11.50 and Oil Search rose $0.16, or 2.73 per cent, to $6.02.

And in retails, Woolworths gained $0.53, or 2.12 per cent, to $25.53 and Wesfarmers put on $0.92, or 3.1 per cent, to $30.57.

In other news, the Australian Industry Group Australian Performance of Construction Index in conjunction with the Housing Industry Association fell four points to 32.1 in August.

Around Asia, the Nikkei had put on 172.8 points, or 2.01 per cent, to 8763.4 and the Hang Seng was up 308.9 points, or 1.57 per cent, to 20,019.4.

The Australian dollar was buying 105.98 US cents, 66.25 pence Sterling, 75.33 euro cents and 81.9 Japanese yen.


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