The Australian share market gave up its early gains to finish 0.3 per cent lower on Monday while Asian markets were weaker. The benchmark S&P/ASX200 index was down 16.6 points, or 0.39 per cent, at 4,222.1, while the broader All Ordinaries index shed 14.3 points, or 0.34 per cent, to 4,250.6.
QBE Insurance Group Limited
Asian markets mostly opened lower today despite Wall Street gained for its sixth straight day on Thursday. Australian shares fell slightly as the market is taking a breather after rallies in the past several days. Yesterday Asian shares were encouraged by China's first quarter economic growth. China's National Bureau of Statistics said yesterday that its economy surged by 11.9 per cent in the March quarter, up from 10.7 per cent in the final three months of 2009. Japan's Nikkei 225 Average rose 0.6 per cent and South Korea's Kospi was up 0.5 per cent. Hong Kong and Australia markets posted small gains. China's Shanghai Composite ended flat.
After a modest setback on Monday, US shares climbed overnight to a fresh high as investors returned to the market on upbeat outlook on the economy. Meanwhile, positive company earnings reports also helped to lift the market sentiment.
US stocks opened lower overnight due to the massive drop in Shanghai shares, which also caused a broad selloff in Asia markets. But Wall Street ended the day higher as the energy companies were boosted on hope of an improving demand. The US oil futures rose after the US Department of Energy said US oil inventories plunged unexpectedly.
US stocks broadly surged on Thursday fueled by the better-than-expected earnings reports. The market's rally pushed the major indexes to their highest closes of the year.
Yesterday the Australian shares posted a modest gain as the market saw the rising oil prices and increased optimism about the outlook for commercial banks. The benchmark S&P/ASX200 index rose 18 points, or 0.54 per cent, at 3345.5, while the broader All Ordinaries index was 15.9 points higher, or 0.48 per cent, to 3297.4.
On Friday the Australian stock market ended higher on the recovery in mining sector. The benchmark S&P/ASX200 index closed up 21.4 points, or 0.61%, at 3550.9, while the broader All Ordinaries gained 18.1 points, or 0.52%, to 3494.9. Analysts expect the market may keep its way of turbulence in the reporting season until some clarity of the economy could be seen. Tomorrow Barack Obama's inauguration will be the focus of the week to boost some confidence in the market.
Yesterday, benefited from the US government's bailout plan on Citigroup, the Australian market benchmark S&P/ASX200 share index had its best day in more than 11 years, jumping 5.8%, or 198.3 points, to 3623.4, while the broader All Ordinaries index was up 5.5%, or 186.6 points, to 3575.4. Analysts say the market sentiment remains fragile as fundamental problems have not changed, although world governments are taking action to stimulate economy.
Yesterday the Australia share market was buoyed on hope that China's economic stimulus plan would increase demand for resources. Mining and energy sectors rose on the news. The benchmark S&P/ASX200 index gained 56.5 points, or 1.4%, at 4,107.8 while the broader All Ordinaries index had advanced 53.4 points, or 1.3%, to 4,060.
Yesterday the Australian share market closed in the black yesterday after stronger commodity prices bolstered resource stocks and countered a negative lead from Wall Street, although gains were capped by weakness in the banking sector towards the end of trade.