Evening Market Analysis: Strong Finish
29th May 2012
Evening Market Analysis: Strong Finish
Aussie shares advanced today, despite a mixed lead from European shares overnight.
Today’s gains were driven by signs that voters in Greece may back austerity measures needed for a European Union bailout, boosting confidence that the bloc’s debt crisis can be contained.
Despite opening in the red this morning, the market surged throughout the session.
A clear majority of sectors finished in positive territory; energy and utility stocks were the biggest winners.
Healthcare and property plays were the only ones to finish collectively in the red.
The big four banks all gained ground; ANZ was the best performer, putting on 1.8%.
The mining majors were also stronger, boosted by the second straight day of rising commodity prices.
BHP and Rio Tinto climbed 1% and 2.2% respectively, whilst iron ore miner Fortescue soared 7.5%.
Suncorp advanced 1% after the company said it is on track to deliver its growth targets, despite volatile market conditions.
New Hope Corporation rose 1% after reporting third quarter saleable coal production of 1.61 million metric tons, 27% higher than a year earlier.
The ASX 200 added 46 points (+1.1%) to close at 4114.
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Written by: marketpulse
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