29 November 2010

Australian share market reverses slow start

The Australian share market finished higher at close of trade on Monday, reversing a slow start to the week.
The market recouped its early losses with help from strong performances by energy, banking and healthcare stocks.

Markets experienced a sluggish start on Monday as a result of limited trade from Wall Street at the end of the last week owing to the US Thanksgiving holiday. EU debt concerns had also contributed to subdued trade.

The benchmark S&P/ASX 200 index gained 0.44 per cent to finish at 4618.5 points, while the broader All Ordinaries index increased 0.35 per cent to 4706.7 points.

Some of the best healthcare performers included Cochlear which gained 79 per cent to $80.95 and Sonic Healthcare which increased 1.28 per cent $11.88.

Energy stocks also buoyed the market with Woodside adding 76 cents to $41.71 and Santos up 6 cents to $12.37.

In currency, the Australian dollar dropped to US96.55 cents as Korean political unrest and EU debt concerns continued to impact the market. Flat data relating to Australia’s third quarter economic performance may also have had a negative impact.

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