PERTH: The Australian sharemarket remained stronger at noon, but had pulled back slightly from earlier highs following a record high close on the S & P 500 overnight, as gains across the health care and retail sectors buoyed the local bourse.
At 12.05pm (AEST), the benchmark S & P/ASX200 index was 21.3 points, or 0.37 per cent, higher at 5717.9, while the broader All Ordinaries index was up 21.4 points, or 0.38 per cent, at 5713.9.
“A surge in European shares and US markets returning to all-time highs pushed Australian stocks sharply higher this morning,” CMC Markets analysts Michael McCarthy said.
“However, the Australia 200 index failed just below the important 5750 level, sparking a slide and increasing the likelihood of further selling this afternoon,” he said.
“Post budget support for retail stocks in particular and consumer related stocks in general is evident again today. Premier Investments and Harvey Norman are helping push the consumer discretionary sector to the top of today’s table.”
