Australia market soars as bargain hunters move in

The Australian share market finished the session sharply higher on Tuesday, 1 December 2015, due to bargain buying among all ten sectors, led by consumer staples, materials & resources and financial blue-chip stocks. The advance came as further data suggested the local economy continues to hold up, despite the end to the boom in commodities investment and a more recent cooling in the property market. At the close, the benchmark S&P/ASX 200 index ended 99.60 points, or 1.93%, higher at 5266.10 points, while the broader All Ordinaries index grew 94.40 points, or 1.81%, to 5312.60 points. Rising stocks outnumbered declining ones on the Australia Stock Exchange by 562 to 448 and 151 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 2.82% to 16.825 a new 3-months low, suggesting 4.8% swing in the equity benchmark index in the next 30 days.

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