Market Report: Shares rise on strong jobs figures and a resurgent Wall Street
Friday, 09 July, 2010
The Australian stock market managed its strongest close in a month today spurred by better-than-expected local employment data as well as improved confidence in the U.S economy following three days of consecutive gains on Wall Street.
The S&P/ASX 200 index finished up 2.4 percent to 4356.7 points, on modest trade of $5 billion, while the All Ordinaries put on 40.4 points to close at 4414.5. Gains were made across the board led by energy shares, up 2.8 percent, with the financial and materials indices up 0.9 and 0.8 percent respectively.
The S&P/ASX 200 Healthcare index finished the week well, rising 2.4 percent to 8227.5 points. Today’s lead performer was cancer treatment specialist Prima Biomed which surged 31 percent to close at $0.11 on heavy volumes of 37.1 million. Earlier in the week the company was asked by the ASX to explain a dramatic fall in the share price.
Prima Biomed CEO Martin Rodgers said that he was unaware of any reason for the stock’s erratic movement this week, but affirmed that the company would soon be making some important announcements regarding its flagship product CVac.
Other solid performers today included anti-viral company Biota Holdings which rose 9.71 percent to close at $0.96. In fact only four companies finished today in negative territory.
Looking at the majors ResMed closed up 1.53 percent to $65.00, with CSL putting on 1.08 percent to $33.61. Cochlear gained 0.28 percent to close at $70.50.
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