Aust stocks close stronger
The Australian sharemarket closed stronger today, buoyed by supportive comments from the US Federal Reserve chair and better than expected local employment data.
At the 4.15pm (AEST) official market close, the benchmark S&P/ASX200 index added 41 points, or 0.75%, to 5,476.8 points, while the broader All Ordinaries index rose 36.8 points, or 0.68%, to 5,455.9 points.
Official data today showed the total number of jobs in Australia rose by 14,200 in April, a better than expected result, while the unemployment rate held steady at 5.8 per cent against forecasts of a rise.
CommSec analyst Juliette Saly said the jobs numbers helped, but the market was already posting some good gains by the time they were released this morning.
"That was mainly in response to offshore moves overnight," Ms Saly said.
"In the previous session there had been a lot of concerns about stocks being overvalued.
"Then the US Federal Reserve came through and said it would continue to support the global economy. That sent investor sentiment higher."
Chair of the central bank, Janet Yellen, signalled that short-term interest rates would continue to stay near zero, saying that "a high degree of monetary accommodation remains warranted".
Meanwhile, the banks supported the local market today, with investors warming to National Australia Bank's dividend of 99c per share, Ms Saly said.