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Article: Australian Market Report of June 11: Concern on Rising Oil Prices
- Article from:
- abnnewswire.net
- Article date:
- June 11, 2009
- Author:
CopyrightCopyright 2009 ABN Newswire. (Hide copyright information)
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Wall Street ended slightly lower as investors worried the strong commodities prices and rising interest rates could slow the economy recovery. Oil prices reached eight-month highs at above US$71 a barrel in New York.
The Australian shares Wednesday posted a strong gain boosted by miners and banks. The upbeat data on consumer confidence and housing finance also helped to lift the local market. The benchmark S&P/ASX200 index rose 89.5 points, or 2.27 per cent, to 4024.4, and the broader All Ordinaries index surged 82.7 points, or 2.1 per cent, at 4016.3.
Key Economic Facts and Figures
The Australian Bureau of Statistics April housing finance data showed that new home loans increased by 0.9 per ...