Newspaper article The Morning Bulletin (Rockhampton, Australia)

Aussie Dollar at Its Richest since Floating in 1983

Newspaper article The Morning Bulletin (Rockhampton, Australia)

Aussie Dollar at Its Richest since Floating in 1983

Article excerpt

THE Australian share market closed higher yesterday as demand for resources and banks lifted the local bourse, while the local currency approached parity with the US dollar.

The benchmark S&P/ASX200 index closed up 79.2 points, or 1.71%, at 4699.1 points, while the broader All Ordinaries index was 74.8 points higher, or 1.59%, at 4765.9 points.

On the Sydney Futures Exchange, the December share price index contract was 74 points higher at 4,710 points, with 32,055 contracts traded.

IG Markets research analyst Ben Potter said the local market continued a firm lead from Wall Street.

Wall Street closed higher overnight after Intel and JPMorgan Chase posted strong profits and investors increasingly expected authorities to step in to stimulate the US economy.

The blue-chip Dow Jones industrial average closed 0.69% higher.

Mr Potter said the weak US dollar had contributed to the strength in resource-based stocks and the Australian currency.

Yesterday, the Australian dollar reached 99. …

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