Westpac Banking Corp

Yesterday, the Australian share market ended almost 4% higher in its best two-day gain since 1975, adding $42 billion to the value of stocks listed in the All Ordinaries index. As confidence was buoyed, investors rushed back to the big miners and banks and pushed the two-day rally to 9% in total. The benchmark S&P/ASX200 index was up 154.5 points, or 3.7%, at 4335.2, while the broader All Ordinaries index gained 169.6 points, or 4.09%, to 4311.5.

Overnight Wall Street closed more than 5% down on growing fears that the spiralling credit crisis would drag the US economy into a recession. While the global financial crisis deepened, RBA cut the interest rate by a full percentage point, double the amount that had been expected.

On Friday, the Australian share market fell more than 2% as major banking and resources stocks felt the impact of renewed concerns about the health of the global economy. The benchmark S&P/ASX200 finished down 102.4 points, or 2.06% to 4877.1. The broader All Ordinaries lost 101.4 points, or 2.01% to 4949.5.

Wall Street tumbled Thursday as further troubles in the financial sector and higher unemployment raised fresh concerns about the economy. But analysts said the Australian share market would soon become a buying opportunity.

Australian financial stocks is likely to continue gains on improved sentiment towards the sector in overseas markets, though weaker oil and metals prices may weigh on resource stocks. Analysts have cautioned that despite recent market gains, overall sentiment was still fragile and a further spike in energy prices or more bad news out of credit markets could trigger a fresh wave of selling.

Last night Wall Street led on easing concerns about a credit crisis, but gains are likely to be tempered by declines in mining and oil companies after oil, gold and base metals prices fell.

The Australia share market plunged just over 2 per cent yesterday to close at its lowest level in two years, after the US reignited world economic jitters by proposing to bail out US mortgage giants Freddie Mac and Fannie Mae.

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