| Shares end best week in two years |
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(October 28, 2011)
The Australian share market has closed marginally higher as the EU-inspired rally that started yesterday ran out of steam. Despite ending the day almost flat, it has been the best week for the ASX in more than two years. The 5.1 per cent weekly gain is the biggest weekly rise since July 2009, when the market was climbing back from the depths of the GFC. After trading 1.6 per cent higher in the morning, the market eased as uncertainty and profit takers moved in. The benchmark S&P/ASX 200 index ended the day 5.4 points higher at 4353.3 - a modest gain of 0.1 per cent. The broader All Ordinaries added 7.5 points to close at 4411.4. Before today's session, the ASX200 was already up 8.5 per cent in October, its best monthly since its inception almost 20 years ago. The broader All Ordinaries is up 8.2 per cent in October, placing it on course for its best month since a 13 per cent leap in March 1988. And the Australian dollar surged about 3 per cent - its biggest one-day jump in 16 months - after the relief rally that followed the debt deal announcement. Data showing the US economy was growing faster than expected also spurred the currency and markets. |
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