Business News
Australian shares post fresh 4.5 year highs
by AAP
Australian shares have closed at new four and a half year highs as local investors joined in the global buying spree.
The benchmark S&P/ASX200 surged 0.8 per cent on Wednesday to close at its highest level since September 2008, beating the recent high from late February.
CMC Markets senior trader Tim Waterer said share markets in Australia and elsewhere in the Asian region “revelled” after the historic session on Wall Street, where the Dow posted an all-time high.
“Traders on the Australian market did not need a second invitation to join in on the proceedings, with the ASX200 surging through 5,100 with aplomb,” Mr Waterer said in a research note.
The local rally was mirrored around Asia, with markets in Shanghai, Hong Kong and Tokyo also higher in afternoon trade.
In Australia, the big retail banks, energy stocks and the consumer discretionary sector were among the better performers on a day of broad-based gains.
ANZ ended up 36 cents at $29.23, Commonwealth Bank climbed 63 cents to $69.31 and National Australia Bank was 24 cents higher at $30.83 and Westpac advanced 41 cents to $31.66.
Energy stocks were the best-performing sector on the market, rising 1.42 per cent according to IRESS data.
In percentage terms, Woodside posted the largest gain among stocks in the heavyweight S&P/ASX20, climbing 1.42 per cent, or 52 cents, to $37.15.
“It was a well-rounded performance from the market today with all the big name blue chips having solid outings,” Mr Waterer said.
“With the latest GDP data coming and going without incident, traders were given no reason to pull the reins.”
Other stocks that posted large gains on Wednesday included JB Hi-Fi, which lead all consumer discretionary stocks after rallying four per cent, or 54 cents, to $13.98.
The Australian Bureau of Statistics said the national economy grew bt 0.6 per cent in the December quarter, broadly in line with market expectations.
Key facts
- At 1615 AEDT, the benchmark S&P/ASX200 index was up 41.4 points, or 0.82 per cent, at 5,116.8 points
- The All Ordinaries index was up 42.8 points, or 0.84 per cent, at 5,130.9 points
- The March share price index futures contract was up 41 points at 5,120 points, with 29,832 contracts traded.
- At 1615 AEDT national turnover was 1.7 billion securities worth $5.3 billion.
The Switzer Super Report is a newsletter and website for self managed super funds. With exclusive commentary from Peter Switzer and Paul Rickard the Switzer Super Report will help you maximise your after tax investment returns and grow your DIY Super. Click here for a free trial or subscribe today.
Published on: Wednesday, March 06, 2013
Related articles
2013-14 Federal Budget Tax changes
Ghost town: what’s happened to Oxford Street Sydney?
Free Switzer Newsletters
Market Summary
