PERTH: Australian stocks finished higher after a bouncy day of trade following the release of Australia’s official inflation rate.
At the 4.15pm (AEDT) official market close, the benchmark S&P/ASX200 index gained 5.6 points, or 0.1 per cent, to 5,552.8 points, while the broader All Ordinaries index was up 5.1 points, or 0.09 per cent, at 5,516.6.
Sales trader for CMC markets, Will Leys, said that while the market had finished rather flat, the result was “significantly better than what was expected at the start of the day”.
“Sharp falls in US and European markets overnight, along with another dip in the iron ore price, had the pundits pencilling in a similar fate for the local bourse today,” he said.
The market has made a complete role reversal of yesterday’s trade with the banks and retail giving up Tuesday’s gains, Head of trading for Quay Equities, Tristan K’Nell, said.