Market rises as Greece fears subside: Afternoon wrap

The Australian market rose today after the risk of immediate Greek default dissipated early in the day. The S&P/ASX200 climbed 1.02% or 42.36 points to 4213.40. The All Ordinaries Index was up 0.87% or 37.25 points to 4299.40.

Today’s winners:

Lynas Corporation (LYC) was up 6.94 % to $1.155. The company is set to provide the first new source of rare earth metals outside China when it comes online in the second quarter of 2012. It has a mine at Mount Weld, Western Australia —the richest known rare earth deposit outside China.

D Jones 95 (DJS) rose 5.29% to $2.685.

Today’s losers:

GWA Group (GWA) was down 7% to $2.260. Billabong (BBG) dropped 4.5% to $26.55 as the surfwear icon continues its March slide.

Sector movers

The biggest sector winner was the S&P/ASX All Ordinaries Gold (Sub Industry) index which rose 2.98% or 189.1 points to 6535.40. The biggest loser was the S&P/ASX 200 Information Technology sector, which was down 0.65% or 3.3 points to 502.6.

Currency

The Australian dollar rose today despite weak trade data as risk receded in Europe overnight, with one Australian dollar buying $USD1.0646 this afternoon.

Asian markets

Japan’s NIKKEI 225 rose 2.19% or 213.72 points to 9982.68, while Hong Kong’s Hang Seng rose 1.06% to 21121.50

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