BrisConnections Units Trusts

Wall Street Monday rebounded from a three-day losing streak as investors were optimistic about the merger and acquisition market after Xerox agreed to buy business services provider Affiliated Computer Services in a US$6.4 billion deal. Analysts' upgrades also boosted Cisco, Citigroup and other firms in both the technology and financial sectors.

Yesterday the Australian shares ended lower dragged by financial stocks after the lifting the eight-month short-selling ban. The market was also hit by news of a nuclear weapon test by North Korea. The benchmark S&P/ASX200 index fell 23.7 points, or 0.63 per cent, to 3737.9, while the broader All Ordinaries index was down 20.1 points, or 0.54 per cent, to 3735.3.

Yesterday Australian shares fell after Wall Street plummeted on renewed banking fears. The benchmark S&P/ASX200 index plunged 2.4%, or 91.6 points, at 3677.4, while broad-market All Ordinaries index lost 2.4%, or 89.2 points, at 3633.1.

Yesterday the Australian shares closed with a three months high, lifted by stronger banks and resources stocks. The benchmark S&P/ASX200 index was up 2.2%, or 81.3 points, at 3752.9, while the broader All Ordinaries index also gained 2.2%, or 80.5 points, at 3698. The financial sector was largely buoyed by the US bank Goldman Sachs’ first quarter earnings.