Aussie Shares Gain 5%

By Glenn Dyer | More Articles by Glenn Dyer

Following solid gains in the US markets overnight, the Australian stock market made further gains on Friday – gaining 4% by the end of the day.

The benchmark S&P/ASX 200 Index added 279 points or 5% to 5860.30, while the All Ordinaries also added 5% to 5886.30.

Recovering all of the week's last ground it was pushed up by resource stocks and finance companies.

BHP Billiton rose $1.62 to $36.44, whilst its takeover target Rio Tinto added $8.92 to $117.38.

Top four banks made strong gain; Commonwealth Bank of Australia gained $2 to $52.75, National Australian Bank rose $2.35 to $36.10, ANZ grew $1.10 to $27.13 and Westpac added 99 cents to $26.59.

About Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

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