Aust stocks close stronger
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The Australian sharemarket closed higher today as easing tensions between Ukraine and Russia caused investors around the world to feel some relief.
At the 4.15pm (AEDT) official market close, the benchmark S&P/ASX200 index added 27 points, or 0.51%, to 5,344.6 points, while the broader All Ordinaries index rose 25 points, or 0.47%, to 5,360.2 points.
IG chief market strategist Chris Weston said the relief in a number of risk assets after the United States and Europe confined their sanctions to Russian President Vladimir Putin could prove to be premature.
"It seems there are number of countries in the region that are feeling fairly vulnerable right now and the actions from the EU and US won’t have installed any real confidence here," Mr Weston said.
"In fact, the key reason why I feel we saw strong relief was actually the idea that many members of the macro community were appeased by the widening of the trading band [by China's central bank]."
Locally, the Reserve Bank of Australia said the official cash rate could stay on hold for some time, as it released minutes from its March board meeting.
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