Australian Stock Report - Market Pulse

Evening Market Analysis: October 7

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Publish date: Fri, 07 Oct 2011, 05:05 PM
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Welcome to MarketPulse, the Australian Stock Report's financial market blog. In the MarketPulse blog we aim to provide frequent updates on current events across the financial markets, including market wraps, articles in the news, opinions, reviews, financial education and finally our top tip of the week. The blog is published by the Australian Stock Report research and report editing team together with our very own "Passionate Trader", Carl Capolingua.

Aussie shares rounded out a massive finish to the trading week, with the market's value soaring close to $90 billion over the past three sessions.

Global sentiment has brightened considerably in recent days amid signs EU policy-makers are pressing ahead with plans to recapitalise troubled European banks.

Resource stocks paced the session's gains following another big rise in commodity prices overnight; BHP climbed 2.5% and Rio Tinto put on 4.9%.

Westpac and NAB were strongest of the big four, advancing more than 3%% each.

A sharp increase in crude prices propelled the energy majors; Santos rose 3.6% whilst Paladin flew another 14%.

The ASX 200 jumped 93 points (+2.3%), settling at 4163.

For the week the market surged 3.8% – a huge gain when taking into account Monday's triple digit plunge.

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