on the major indices
The outlook for the Australian market is strongly positive today, following forceful performances on overseas markets overnight.Shortly after the opening bell, the S&P/ASX200 Index was up 56.3 points, or 1.25 per cent, at 4552 while the broader All Ordinaries Index was up 55.8 points, or 1.23 per cent, at 4582.6.
On a sector-by-sector basis, all sub-indices had risen, with materials, energy and financials leading the charge, up 1.63, 1.47 and 1.31 per cent respectively.
This morning on the Sydney Futures Exchange, the September share price index contract was up 74 points at 4567. If that translates into movements on the major indices, it will mean a doubling of the 2 per cent gains clocked up yesterday.
“The idea of a double-dip recession is getting knocked on the head,” City Index head of dealing Mike McCarthy said.‘‘There’s definitely an economic recovery going on but data will be patchy and variable. I think we’re going to
however see more encouraging numbers.”
