Local shares close strongly after bailout vote

Submitted by Anonymous on Mon, 02/13/2012 - 07:11

 

THE Australian share market closed strongly, with investors delighted after the Greek parliament voted for an austerity package needed to obtain bailout funds.

After a slow start, the benchmark S&P/ASX200 index closed up 39.8 points, or 0.94 per cent, to 4285.1 points, while the broader All Ordinaries index firmed 36.8 points, or 0.85 per cent, to 4359.4 points.

On the ASX 24, the March share price index futures contract was 33 points higher at 4251 at 4.15pm AEDT, with 29,777 contracts traded.

The upward moves on the Australian stock exchange were all related to the austerity vote in debt-laden Greece, which has been rocked by street battles between police and protesters overnight who oppose the fiscal tightening, IG Markets market strategist Stan Shamu said.

"It has been controversial for a while, at end of the day they are taking bad to avoid the worst," Mr Shamu said.

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