Mar 20 2009
Australian Stock Market Closes Up For A Second Week In A Row
Australian shares have managed to extend their gains to a second straight week. The All Ordinaries finished the week at 3405, up 109 points or nearly 3.5% although it hasn’t all been smooth sailing as Australian stocks fell slightly today.
Australian banks held the market back today. Macquarie Group was down $1.10 today following some recent strength. Have a look at the following share price chart for Macquarie Group - it has certainly been a wild ride for shareholders.
It’s hard to believe that they were over $80 less than 18 months ago.
Commonwealth Bank was the exception to the rule today with it’s shares closing unchanged at $34.00. CBA has had an outstanding run since reaching a low point of around $24 back in late January. In fact the whole banking sector has done well this month, even taking into account MQG’s fall today.
Is the Australian stock market in recovery mode, or is this just a dead cat bounce - only time will tell.
