Aust stocks close higher
Local market snaps six-day losing streak as traders take advantage of bargains.
The Australian stock market has closed higher, snapping a six-day losing streak as traders take advantage of bargains in the absence of major news flow.
At the 1615 AEDT official market close, the benchmark S&P/ASX200 index rose 0.71% to 5,098.4 points, while the broader All Ordinaries index added 0.64% to 5,101.5 points.
IG analyst Chris Weston said volumes were good at around $4.5 billion today, and Chinese and Japanese bourses also lifted.
"The market was a bit oversold and we're seeing good buying coming back in," Mr Weston said.
"There's good price action coming from the banks, and even QBE is getting good trading action."
Share this article and show your support