PERTH: The Australian sharemarket looks set to end the week in stronger territory, despite the bourse’s four per cent slide on Monday.
The local market was slightly higher for the day at noon, having recaptured lost ground over the week, after strong economic data boosted global equities overnight.
Asian stocks also staged another rally in early trade, taking heart from strong US growth figures after a torrid week when global markets took fright over China’s gloomy economic outlook.
At 2.05pm (AEST), the benchmark S&P/ASX200 index had added 19 points, or 0.36 per cent, to 5252.3. The local market had opened 1 per cent higher, but early gains evaporated as the financial and property sectors dropped into the red.
“We end the week on another positive note, and the craziness we’ve seen over the last couple of weeks seems to be dissipating before the bear’s eye,” IG market strategist Chris Weston said.
