SYDNEY: The Australian sharemarket has posted its best rally in five weeks, once again bringing the market within reach of the 6000 point psychological barrier.
The market was boosted today by a strong rally in resources stocks after the prices of iron ore and oil rebounded.
At the 4.15pm (AEDT) official market close, the benchmark S&P/ASX200 index had gained 88.5 points, or 1.51 per cent, to 5933.3, while the broader All Ordinaries index was up 86.5 points, or 1.49 per cent, at 5906.8.
The local sharemarket was also following gains on Wall Street where the Nasdaq index smashed a 15-year-old record high set at the peak of the dotcom boom in 2000.
Friday’s close helped push the bourse back into the black for the week, after choppy trade, with the benchmark index adding 55.4 points, or 1.06 per cent, over the five sessions.
