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Home / International Markets / Australian S&P/ASX200 Index rises 56.4 points
Australian S&P/ASX200 Index rises 56.4 points

Australian S&P/ASX200 Index rises 56.4 points

CANBERRA: Benchmark S & P/ASX200 index had risen 56.4 points, or 1.06 per cent, to 5,360.7, while the broader All Ordinaries index added 55.8 points, or 1.05 per cent, at 5,347.9.
The People’s Bank of China on Friday cut its one-year rate for deposits by 0.25 of a percentage point to 2.75 per cent and its one-year lending rate by 0.40 of a percentage point to 5.6 per cent.
CMC chief markets analyst Ric Spooner warned that while the immediate reaction to China’s rate cut will be positive, especially for resource stocks, it remains to be seen whether these initiatives will sustain a meaningful rally for the Australian market. The local market was boosted by a surge in materials, which gained 3.23 per cent as a sector.