SYDNEY: The Australian stocks ended slightly higher after a volatile day, snapping a run of two soft closes following the RBA’s surprise decision to leave rates on hold on Tuesday.
At the 4.15pm (AEDT) official market close, the benchmark S&P/ASX200 index was up 2.6 points, or 0.04 per cent, at 5904.2, while the broader All Ordinaries index rose 2.2 points, or 0.04 per cent, to 5873.7.
Earlier the market was dragged lower by the big miners and financial stocks, with the benchmark index dropping as much as 32.4 points, or 0.55 per cent, before recovering during the afternoon.
Patersons Securities dealer Martin Angel said that after the RBA failed to cut rates at the March board meeting, investors were waiting and watching an uncertain market for more definite leads.
“People are taking a couple of things into consideration at the moment. Commodities are still bouncing around. It’s been a very flattish period,” Mr Angel said.
Overnight, iron ore steadily made its way toward a new five-and-a-half-year low, while US oil prices ended slightly higher, paring earlier losses.
“Commodities might stabilise around these levels or even push a bit higher, and that will be good for our resource stocks” Mr Angel said.
