PERTH: The Australian sharemarket is set to end a volatile week on a positive note, following a bounce in Shanghai stocks and the iron ore price.
At 12.05pm (AEST), the benchmark S&P/ASX200 index rose 39.8 points, or 0.73 per cent, to 5510.8, while the broader All Ordinaries index climbed 40 points, or 0.73 per cent, to 5496.3.
Quay Equities head of trading Tristan K’Nell said positive momentum from yesterday had combined with a “massive rally” in the iron ore price, along with positive sentiment out of Greece and China, sending the local sharemarket higher.
“Reports out of Greece have the country moving closer to its creditor’s demands in regards to economic policy and budget cuts with a 13 page plan to determine its fate in the eurozone,” Mr K’Nell said.
