The Australian sharemarket has gained momentum after stronger-than-expected GDP data, edging into positive territory after a weak opening. At 12. 05pm (AEST), the benchmark S&P/ASX200 index rose 6. 7 points, or 0. 12 per cent, at 5665. 2, while the broader All Ordinaries index was up 6. 6 points, or 0. 12 per cent, at 5,663. 5.
Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report.
Earlier, the local market was down as the materials sector slumped, hurt by BHP trading ex-dividend and other miners hurt by a two-year low iron ore price while the gold price fell to a two-month low.
Official gross domestic product (GDP) figures showed the Australian economy had grown at a better-than-expected rate, although the full-year rate remained below long-term trend.
Read more here: Business Spectator