Australian Stock Report - Market Pulse
Evening Market Analysis: October 19
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Publish date: Wed, 19 Oct 2011, 04:57 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 strengthened today, following on from last night's surge on Wall Street.
The rebound was sparked by news reports that French and German leaders were looking to beef up the European bailout fund to 2 trillion euros.
Financials drove today's advance with the big four rising more than 1% each. NAB outperformed its rivals, up 1.5%.
BHP ended flat following a mixed 1Q production report, whilst Rio Tinto fell 1.8% amid plans to ramp up the development of its Simandou iron ore project in Guinea.
Elsewhere in the resources space, Gunns shot up another 9.3% after confirming it is still in discussions to sell off its pulp mill.
In the healthcare sector, CSL climbed 1.1% amid plans for a $900 million share buyback.
The ASX 200 added 27 points (+0.6%), closing at 4214.
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