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Category: Business, Economics and Finance / Markets / Stockmarket / Government and Politics

Global market rally continues as Brexit fears wane

Thursday, 30 Jun 2016 06:42:53 | Rebecca Hyam

Wall Street has risen for a second day as sentiment is soothed. (AFP: Drew Angerer)

Markets in Europe and the United States rose for a second day in a row, as concerns about the impact of Britain's decision to leave the European Union abated.

Analysts said market sentiment had been soothed by the idea central banks would ultimately do what was necessary, in terms of triggering stimulus measures to boost growth.

Investors were bargain-hunting in the wake of the heavy sell-off, immediately after the Brexit vote.

On Wall Street, financial stocks fared particularly well and the energy sector also benefited from higher oil prices.

By the close, the Dow Jones Industrial Average had added 1.6 per cent to 17,694.

The S&P 500 Index gained 1.7 per cent to 2,070 and the Nasdaq finished 1.9 per cent higher at 4,779.

European shares out-performed, with London's FTSE 100 Index jumping 3.6 per cent to 6,360.

The CAC in Paris gained 2.6 per cent to 4,195 and Germany's DAX closed 1.75 per cent higher at 9,612.

The local share market is set to rise today and at 6.45am AEST, the ASX SPI 200 was up 1.2 per cent to 5,156.

At the same time, the Australian dollar was worth 74.4 US cents, having strengthened overnight.

On the cross-rates, it was worth 66.9 eurocents, 55.3 British pence, 76.6 Japanese yen and $NZ1.047.

West Texas Crude oil had increased to $US49.80 a barrel, the price of a barrel of Tapis had risen to $US50.19, and spot gold was also higher at $US1,318.71 an ounce.

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