Local Bonds Lift Equities
May 17, 2011
Drees Samantha, of Austock Brokers Pty. said higher prices for oil and some base metals overnight, coupled with a stronger performance from U.S. financial markets Tuesday provided early encouragement to the local bourse. The All Ordinaries index of share prices closed on its intraday high of 2258.5, up 13.9 points. Share price rises outnumbered falls 378 to 298. Volume totaled 262.8 million shares valued at 575.9 million Australian dollars, compared with Tuesday's 238.1 million shares valued at A$576.5 million. Industry sectors were mixed, with the banking and finance subindex climbing 1.7% to outperform most other groups. Among leading banks, National Australia Bank Ltd. advanced 22 Australian cents to A$12.28 and Commonwealth Bank of Australia rose 17 cents to A$10.77. The oil and gas subindex gained 1.1%. ``The Iraq situation is creating a bit of concern in that sector,'' said Mr. Samantha. On the Sydney Futures Exchange, the September share price index futures contract returned to a premium over the physical market, closing at 2264.0, up from 2237.0 Tuesday.
VastPress 2011 Vastopolis
