Sharemarket surprises brokers with late turnaround 16:01, Friday, 21 November 2008
Sydney - Friday - November 21: (RWE Australian Business News) - In a surprise turnaround, the local sharemarket has shed the negative sentiment that pulled it down in early morning trade to finish in positive territory after four consecutive days of falls, according to CMC Markets. "The session started on a grim note on the back of heavy falls in the US and European markets [overnight] but we saw the positive momentum setting in during the last hour of trading today," said James Foulsham, head of trading at CMC Markets. "There have been some buyers through the week with traders looking for a sharp bounce in the market, and it seems we may have seen the start of this bounce," Mr Foulsham said. He added, "Nobody has seen the market like this before. The market can do funny things, though, and when it does finally does turn around it's probably going to rally hard."
