14 August 2009

Share market, Oz dollar shows Australian economy performing well

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The Australian share market closed yesterday at its strongest finish since October 8 last year on increasing investor optimism about the economic outlook following a string of better than expected profit results.

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Australia's share market and dollar have ended on a high, an indiction that the economy is sailing out of a recession.

The Australian dollar also closed higher after risk sentiment rose on equity market gains and a positive economic outlook from the governor of the Reserve Bank of Australia.

At 1700 AEST, the Australian dollar was trading at US$0.8426/29, up from Thursday's close of $US0.8382/86.

Since 0700 AEST on Friday, the unit has moved between US$0.8405 and US$0.8477, the latter being its highest intraday cap since September 22, 2008.

At the 1615 AEST close, the benchmark S&P/ASX 200 index had risen 25.1 points, or 0.57 per cent, to 4461, while the broader All Ordinaries index had lifted 28.4 points, or 0.64 per cent, to 4465.1.

On the Sydney Futures Exchange, the September share price index futures contract was 25 points higher at 4427, on volume of 33,710 contracts, according to preliminary calculations.

Friday's close for the S&P/ASX200 index was its best close since October 8, 2008 when it finished at 4388.1.

"Obviously we've had a pretty outstanding week, the banks in particular following with some outstanding results by CommSec and some pretty good results by Telstra," MS Global head of CFDs Anthony Anderson said.

"I just think there's a bit of profit taking going into the weekend."


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