Australia Market Report of July 24: Overall Sentiment Fragile

Thursday July 24 12:20 PM Sydney, Australia, July 24, 2008 - (ABN Newswire) - The US stocks rose modestly overnight amid another sharp decline in crude oil prices. Analysts said the market also got a lift from prospects for passage of a major housing relief bill after the White House dropped its threat of a veto. Australian financial stocks is likely to continue gains on improved sentiment towards the sector in overseas markets, though weaker oil and metals prices may weigh on resource stocks. Analysts have cautioned that despite recent market gains, overall sentiment was still fragile and a further spike in energy prices or more bad news out of credit markets could trigger a fresh wave of selling. The benchmark S&P/ASX200 index was 99.7 points, or 1.99 per cent, higher at 5105.3, while the broader All Ordinaries put on 85.7... [read full story]