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Australia: Stocks rise 1.04% despite Greece default


[SYDNEY] Australian stocks Wednesday recorded a second-straight day of gains despite Greece defaulting on its IMF debt as banks strengthened and the market was buoyed by a US$6.8 billion bid for a local port operator.

The benchmark S&P/ASX200 index rose 56.7 points to finish at 5,515.7.

"I think there's a mixture of wait-and-see," Leyland Private Asset Management senior portfolio manager Rohan Schmidt told AFP about Greece's uncertain future ahead of a weekend referendum.

"The American market was fairly benign overnight... and Australia's just entering into its new financial year so a lot of the pressure of the tax loss selling is off our market and there's a little bit of accumulation of high-quality stocks today." Logistics stocks were boosted by a bid from Canada-based Brookfield Infrastructure Group for Australian ports and rail operator Asciano.

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In late trade the Australian dollar was buying 77.12 US cents, up from 76.98 US cents early Wednesday. It was fetching 69.25 euro cents from 69.13 euro cents in morning trade.


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