Australian Stock Report - Market Pulse

Evening Market Analysis: Strong Finish

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Publish date: Tue, 29 May 2012, 06:59 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.

Evening Market Analysis: Strong Finish

Aussie shares advanced today, despite a mixed lead from European shares overnight.

Today's gains were driven by signs that voters in Greece may back austerity measures needed for a European Union bailout, boosting confidence that the bloc's debt crisis can be contained.

Despite opening in the red this morning, the market surged throughout the session.

A clear majority of sectors finished in positive territory; energy and utility stocks were the biggest winners.

Healthcare and property plays were the only ones to finish collectively in the red.

The big four banks all gained ground; ANZ was the best performer, putting on 1.8%.

The mining majors were also stronger, boosted by the second straight day of rising commodity prices.

BHP and Rio Tinto climbed 1% and 2.2% respectively, whilst iron ore miner Fortescue soared 7.5%.

Suncorp advanced 1% after the company said it is on track to deliver its growth targets, despite volatile market conditions.

New Hope Corporation rose 1% after reporting third quarter saleable coal production of 1.61 million metric tons, 27% higher than a year earlier.

The ASX 200 added 46 points (+1.1%) to close at 4114.

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Evening Market Analysis: Strong Finish is a post from: Australian Stock Report Market Pulse Blog

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