Australian stocks level up: Afternoon market insights
Tuesday, May 22, 2012/
The Australian sharemarket rose again this afternoon.
The ASX200 rose 1.1% to 4118.40, while the broader All Ordinaries gained 1.12% to 4170.5.
Ric Spooner, chief market analyst at CMC Markets, says global markets were continuing the process of establishing a base level from which to await further clarity on how the Greek crisis will be resolved.
“Investors are encouraged by the German Finance Minister’s statement that Europe would find solutions in order to strengthen sustainable growth,” says Spooner.
“Traders are likely to see this as indicating increasing unity with France and others on the potential for some form of spending stimulus.”