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Aussie market brushes off Bank of Japan policy hold

Xinhua, April 28, 2016 Adjust font size:

Aussie stocks held onto early gains on Thursday despite the Bank of Japan refusing to increase stimulus.

At Thursday's close, the benchmark S&P/ASX 200 index was up 37.7 points, or 0.73 per cent, at 5,225.4 points, and the broader All Ordinaries index was up 38.5 points, or 0.73 percent, at 5,289.4 points.

"It's interesting that we were one of the few markets up in the Asian time zone," CMC Markets chief market analyst Ric Spooner told Xinhua.

Spooner said local circumstances were a factor with a solid bounce in resource stocks on moves in the commodity space, while traders looked to yield on the increasing probably of a Reserve Bank of Australia rate cut.

The Bank of Japan's hold had little effect -- besides from U.S. dollar weakness -- as Spooner suspects the Aussie market doubts any further easing would have too much impact.

"The reciprocal of that, they're also not concerned about failure to add any stimulus," Spooner said.

On Thursday, ANZ gained 0.59 percent, the Commonwealth Bank of Australia edged 0.12 percent higher, the National Australia Bank was up 0.41 percent however Westpac fell 0.87 percent.

BHP Billiton surged 4.68 percent, rival Rio Tinto rallied 3.86 percent and gold miner Newcrest was 0.71 percent stronger.

Oil Search added 1.16 percent, Santos lifted 3.52 percent and Woodside Petroleum was 0.98 percent higher.

Wesfarmers climbed 1.04 percent while Woolworths was 3.62 percent stronger.

Qantas fell 2.10 percent while Telstra closed flat. Endit