Aust stocks close stronger
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The Australian sharemarket has closed stronger today, buoyed by positive local company news as investors get their positions in order towards the end of the financial year.
At the 4.15pm (AEST) official market close, the benchmark S&P/ASX200 index lifted 62.3 points, or 1.15%, to 5,464.3 points, while the broader All Ordinaries index added 60 points, or 1.11%, to 5,446.8 points.
CommSec analyst Juliette Saly said window dressing was evident as June 30 approaches, with investors possibly set to square off their positions tomorrow and Monday.
"We're seeing a lot of positive momentum, a bit on the back of the gain offshore," Ms Saly said.
"Our market has been a bit too heavily oversold."
She noted the positive company news last night and today, after AGL Energy was cleared to buy Macquarie Generation's two power plants, while shares Tabcorp and Tatts rose strongly ahead of a court case the market expects to go in the gaming groups' favour.
Tabcorp rose 6.19% to $3.60 as it awaits a court judgement this afternoon about its claim for a $686.8 million payment.
Investors also continued to digest Aurizon's impairments from yesterday afternoon, she said.
"Investors like the fact that Aurizon has announced more plans to get its books in order."
Aurizon shares rose 2.02% to $5.06.
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