The Australian market stormed higher today, despite a disappointing night on international markets.
Closer to home, the RBA released its half-yearly Financial Stability Review in which it said global financial markets have stabilised since last year.
The central bank noted that Australian banks are in a good position to address any future turmoil.
The review also said that there are still some concerns over the management of Europe’s debt issues that will be in focus until at
least the middle of the year.
All the sectors finished in front; consumer staples, health care and telco’s were the biggest percentage gainers.
The big four banks helped drive the market to its highest close for the year. ANZ was up 1.2%, whilst rival NAB climbed 1.1%.
The mining majors were stronger, in spite of mixed commodity prices; BHP advanced 0.5%, while Rio Tinto put on 0.7%.
Platinum was one of the best performers, soaring 30.6% on the back of Monday’s positive update on the Smokey Hills project.
The ASX 200 added 42 points (+1.0%) to close at 4344.