Australian Stock Report - Market Pulse
Evening Market Analysis: October 17
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Publish date: Mon, 17 Oct 2011, 04:58 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.
The Aussie market continued its winning ways today, as concerns over Europe's debt woes continue to ease amid hopes for a final resolution to the crisis.
The gains were widespread, with resource stocks driving the advance; BHP put on 2.1% whilst Rio Tinto added 2.4% on plans to streamline its aluminium division.
All of the big four banks ended solidly higher, with NAB the best performing, up 1.9%. The other three strengthened more than 1% each.
The ongoing rebound in oil prices provided some support to the energy majors; Woodside rose 1% and Santos climbed 0.7%.
Energy Resources Australia didn’t fare so well, plummeting 32.5% after completing a $380 million institutional raising.
The ASX 200 soared 70 points (+1.7%) on the day, closing at 4275.
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