Market News

Broad gains push stocks higher

6/09/2010 4:37:20 PM

(AAP) The sharemarket has finished the day more than half a per cent stronger, with a broad-based rally helping to push the bourse higher.

The benchmark S&P/ASX200 index closed up 34.3 points, or 0.76 per cent, at 4,575.5 points, while the broader All Ordinaries index gained 38.1 points, or 0.83 per cent, at 4,615.7 points.

On the Sydney Futures Exchange at 1615 AEST, the September share price index contract was 48 points higher at 4,585 on a volume of 29,042 contracts.

CommSec market analyst Juliette Saly said a better-than-expected jobs figure from the US on Friday had helped spur local investors.

"Our market rose about four per cent over the course of last week and it is nice to see more momentum," Ms Saly said.

It was also significant that the All Ordinaries had gone above the psychological 4,600 point barrier, she said.

Financials were mainly stronger, but investment bank Macquarie bucked the trend to fall $1.74 or 4.7 per cent at $35.25, after it said its first half profit would likely fall by 25 per cent.

The big four banks all posted solid gains though, with Commonwealth Bank up 55 cents at $52.12, Westpac rising 28 cents at $22.78, National Australia Bank increasing 18 cents at $24.28 and ANZ up 37 cents at $23.66.