Australian stocks rose 0.5 percent on Friday following strong global leads, but still ended the week 1 percent down as distressing global economic news took its toll. The main index is down 2.9 percent so far in May and is on course for its worst monthly performance since June last year as volatile commodity prices, euro zone debt worries and an uncertain US Economic recovery roil investor confidence.
The benchmark S&P/ASX 200 index gained 23.77 points to 4,684, marking its second straight day of gains. On Thursday, the market rose 1.7 percent, its best one-day gain this year, as short-covering sent banks and miners higher. Top miners BHP Billiton and Rio Tinto rose around 0.5 percent as metal prices rose. New Zealand appliance maker Fisher & Paykel Appliances rose nearly 10 percent to NZ$0.61 after it reported a return to full-year profit as its restructuring and debt repayment programme of the last two years showed results.
Comments
Comments are closed for this article.