Australian Shares Rise With Broad Gains Across the Market
Strength in commodity prices fueled broad-based gains in the Australian share market Monday, with resources leading the charge.
The benchmark S&P/ASX 200 closed at 5,726.6, up 53.5 points or 0.9 percent. It earlier hit a record high of 5,739.8 on good volume for a Monday.
Analysts said the market was supported by a lack of selling interest, which was frustrating potential buyers. That suggested further gains were likely.
“What we’re finding is, clients reluctant to be sellers,” said Goldman Sachs JBWere sales trader Patrick Crabb. “So it’s leaving a lack of stock on the offer, because the consensus view is the market’s going to have at least a good first six months. The buyers that are out there are struggling to get set.”
BHP Billiton was the biggest points contributor to the index, rising 2.1 percent to A$25.33.
London Metal Exchange copper rose 1.3 percent on Friday and remained firm in Asian trading.
Woodside Petroleum rose 2.5 percent after on strong crude prices with forecasts of cold U.S. weather.
Source: AP via biz.yahoo.com
