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The Australian sharemarket index moved through the 5000 mark for the first time since 2010 yesterday as consumer confidence lifted, and Australia’s blue-chip companies’ half-year results beat investor expectations, e.g. CBA had a brilliant half year profit.
Consumer confidence reached its highest level since Christmas 2010 as rising local and international equity markets set a bullish tone.
Investors favoured Banks yesterday with solid buying, which sent the market soaring north.
Retail investors have been active in buying bank stocks because of their fully franked dividends, and the Commonwealth Bank’s declaration of a $1.64-a-share interim dividend, 20c above last year’s and 2c above expectations, was just what investors wanted. The CBA is at all time highs. Read more