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Local market rebounds before close

Posted November 21, 2008 17:14:00
Updated November 21, 2008 18:01:00

The market sunk earlier today on the back of Wall Street losses overnight. (Getty Images: Sergio Dionisio, file photo)

The Australian share market staged an end of the week comeback after hitting a five year low earlier today.

The All Ordinaries Index gained 1.6 per cent to finish the day at 3,387 points and the ASX 200 added 64 points to 3,417, after investors took advantage of this week's steep losses.

The big banks all made gains, with the Commonwealth faring the best at 5.6 per cent higher.

Rio Tinto was the best of the miners, nearly 5 per cent higher, while Wesfarmers finished 11.8 per cent higher.

Building companies Leighton holdings and Boral went against the trend, losing 5.5 and 2 per cent respectively.

Telstra chairman Donald McGauchie told the company's annual general meeting in Melbourne today that the board has yet to decide whether it will bid for the Federal Government's $4.7 billion national broadband network.

Shortly before 5:30pm AEDT, gold had risen to $US746.65, and a barrel of West Texas crude oil had fallen to $US48.86.

The Australia dollar was fetching 62.10 US cents, 58.56 yen, 41.84 British pence and 49.61 euro cents.

Tags: business-economics-and-finance, economic-trends, finance-markets, stockmarket, futures-markets, currency-markets, australia