The Australian market Wednesday ended the last trading session of the 2010 financial year in a negative territory. The market clawed back some ground from the sharp loss in early trade. At the close, the benchmark S&P/ASX200 index fell 44.2 points, or 1.02 per cent, at 4,301.5 points, while the broader All Ordinaries index was down 45.8 points, or 1.05 per cent, at 4,324.8.
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The Australian shares Wednesday were broadly higher in the last full trading day before Christmas holiday. The market rose in a light trade after the US market gained on the upbeat home sales data. At the close, the benchmark S&P/ASX200 index rose 35.1 points, or 0.7 per cent, at 4739.3, while the broader All Ordinaries advanced 31.7 points, or 0.7 per cent, to 4756.1.
US stocks posted a strong gain overnight boosted by better-than-expected home sales. Existing-home sales increased by 10.1 per cent to a 6.1 million annual rate, from 5.54 million in September, the National Association of Realtors said. The US dollar was weaker on Monday on expectations that the interest rate would remain at near zero.
Wall Street made a third consecutive day gain overnight as some latest economic data shows that the recession is bottoming out. Financials were also buoyed after Insurance giant American International Group said it expects to repay the government.
The Australian share market on Tuesday fell for a second session dragged by lower commodities prices. The benchmark S&P/ASX200 index finished 69.2 points, or 1.72 per cent lower, at 3962.5 while the broader All Ordinaries index plunged 72.5 points, or 1.8 per cent, to 3,957.9 points.
Australian shares gained 1.3% on Friday but still lost 4.3% for the week. The benchmark S&P/ASX200 index was 49.8 points, higher at 3773.2 and the broader All Ordinaries index was also up 1.3%, or 48.1 points, at 3758.9. The local market is expected to soften on jitters over the US economy.
The Australian shares ended higher yesterday on the back of some better-than-expected earnings reports. The benchmark S&P/ASX200 index rose 35.7 points, or 1.1%, to 3448.9, while the broader All Ordinaries index gained 31.1 points or 0.9% to 3398.
On Wednesday, the Australian stock market closed marginally higher as figures showed that economic growth slowed to a crawl in the September quarter. The benchmark S&P/ASX200 index rose 5.6 points, or 0.16 per cent, to 3,533.8, while the broader All Ordinaries added 3.1 points, or 0.09 per cent, to 3,476.5. In recent weeks, the Australian share kept see-sawed during the trading day. In a short term investors remained cautious to any trigger on the market, while the impact for low interest rates and government stimulus may need some time to work.