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1.Market Observations, 8.Was Sticky

26 Aug 2015 (AFR) – ASX defies global lead to close 2.7pc higher – ASX rallies as bargain hunters jump in

(26 August 2015, AFR, p18, by Stephen Cauchi )

‘Investors enjoyed a spectacular bounce on the Australian sharemarket on Tuesday, with the local index initially plunging below 5000 for the first time in two years before it shook off a dismal overseas lead and further falls in China to end 2.7 per cent higher. The benchmark S&P/ASX 200 index reached a nadir of 4928.3 shortly after opening but then performed, at its peak, an impressive 223-point turnaround – equivalent to a 4.5 per cent intraday rally. The index ended the day up 136 points at 5137.3, a day after suffering the worst day of trading since the global financial crisis.’

Read more at AFR.com (might need AFR login access)

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