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All Ords on track to crack 7000 before Christmashttp://www.smh.com.au/news/business/all-ords-on-track-to-crack-7000-before-christmas/2007/10/02/1191091114453.htmlAll Ords on track to crack 7000 before ChristmasOctober 3, 2007THE Australian sharemarket soared to dizzy heights again yesterday, with the usual suspects from the commodities sector, Rio Tinto and BHP, helping the bourse to smash records.Analysts now say the market could reach the symbolically significant 7000-point level by Christmas.The ASX 200 index closed up 96.2 points or 1.47 per cent at 6659.9, while the All Ordinaries soared 87.8 points to 6667.6.Both indices also touched record intraday highs. The ASX 200 reached an intraday high of 6666.8, eclipsing the previous high of 6605 set on Monday.The All Ordinaries set a fresh record intraday high at 6673.6, beating the previous record of 6616.4 set on Monday.On the Sydney Futures Exchange, the December share price index contract closed the day up 95 at 6724 on a volume of 22,956 contracts.An ABN Amro Morgan private client adviser, Kylie Macdonald, said she was flabbergasted by the strength of the bourse but said it was driven by large institutions scrambling to get back into the market after deserting it in August.Bullish predictions that the All Ords could break through 7000 points by Christmas were not out of the question, Mrs Macdonald said."Stocks like Babcock and Brown and Macquarie Bank were unnecessarily sold down in August and they're all going great guns now," she said."Is it sustainable? That's the million-dollar question."I think we'll be higher at Christmas than we are now but the question is what sort of volatility we will see along the way."It needs to pull back but it won't stay down for terribly long."Rio Tinto reached a record close of $112.50, which was up $3.66 on Monday's close. It was a similar story at BHP Billiton, which rose $1.55 to $46.05.Woodside Petroleum enjoyed a robust rise, climbing 76c to $51.90, hitting a record high of $51.98, while rival Santos slipped 7c to $14.83, Oil Search fell 7c to $4.16 and Beach fell 3c to $1.46.The goldminers were patchy, with Newmont edging up 1c to $5.10, Lihir shedding 6c to $4.06 and Newcrest dropping 83c to $28.27.The big banks gained significantly. National Australia Bank put on 63c to end at $40.43 and ANZ gained almost 2 per cent, 59c, to finish at $30.20. Westpac, which announced a partial takeover of Rams Home Loans Group, rose 53c and the Commonwealth was up $1 to $57.60.St George Bank was up 70c to $36.10, Suncorp rose 26c to $20.61 and AXA closed 9c higher at $7.87.
All Ords on track to crack 7000 before Christmas
http://www.smh.com.au/news/business/all-ords-on-track-to-crack-7000-before-christmas/2007/10/02/1191091114453.html
October 3, 2007
THE Australian sharemarket soared to dizzy heights again yesterday, with the usual suspects from the commodities sector, Rio Tinto and BHP, helping the bourse to smash records.
Analysts now say the market could reach the symbolically significant 7000-point level by Christmas.
The ASX 200 index closed up 96.2 points or 1.47 per cent at 6659.9, while the All Ordinaries soared 87.8 points to 6667.6.
Both indices also touched record intraday highs. The ASX 200 reached an intraday high of 6666.8, eclipsing the previous high of 6605 set on Monday.
The All Ordinaries set a fresh record intraday high at 6673.6, beating the previous record of 6616.4 set on Monday.
On the Sydney Futures Exchange, the December share price index contract closed the day up 95 at 6724 on a volume of 22,956 contracts.
An ABN Amro Morgan private client adviser, Kylie Macdonald, said she was flabbergasted by the strength of the bourse but said it was driven by large institutions scrambling to get back into the market after deserting it in August.
Bullish predictions that the All Ords could break through 7000 points by Christmas were not out of the question, Mrs Macdonald said.
"Stocks like Babcock and Brown and Macquarie Bank were unnecessarily sold down in August and they're all going great guns now," she said.
"Is it sustainable? That's the million-dollar question.
"I think we'll be higher at Christmas than we are now but the question is what sort of volatility we will see along the way.
"It needs to pull back but it won't stay down for terribly long."
Rio Tinto reached a record close of $112.50, which was up $3.66 on Monday's close. It was a similar story at BHP Billiton, which rose $1.55 to $46.05.
Woodside Petroleum enjoyed a robust rise, climbing 76c to $51.90, hitting a record high of $51.98, while rival Santos slipped 7c to $14.83, Oil Search fell 7c to $4.16 and Beach fell 3c to $1.46.
The goldminers were patchy, with Newmont edging up 1c to $5.10, Lihir shedding 6c to $4.06 and Newcrest dropping 83c to $28.27.
The big banks gained significantly. National Australia Bank put on 63c to end at $40.43 and ANZ gained almost 2 per cent, 59c, to finish at $30.20. Westpac, which announced a partial takeover of Rams Home Loans Group, rose 53c and the Commonwealth was up $1 to $57.60.
St George Bank was up 70c to $36.10, Suncorp rose 26c to $20.61 and AXA closed 9c higher at $7.87.
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