Australian shares enjoy solid gains

The Australian share market enjoyed solid gains today, despite S&P downgrading the country's credit rating from AAA stable, to AAA negative.

“The downgrade saw the bears dig their claws in just before midday, but ultimately the bulls would shrug the downgrade off and push the market higher into the close,” said Chris Conway, Head of Research at the Australian Stock Report.

He added, “It was another encouraging display from the bulls, who seem willing to bid this market up from lower levels in the face of almost anything at the moment. 

According to Conway, most sectors finished in positive territory, with energy and materials the standouts. Of the oilers, Santos (STO) put on 3.9%, whilst Oil Search (OSH) added 2.1%.

Among the big miners, BHP Billiton (BHP) led the way, gaining 2.0% on the day, whilst Rio Tinto (RIO) and Fortescue Metals (FMG) added 1.2% and 1.5% respectively.

On the other hand, the laggards on the day were utilities. Another big loser for the day was Tabcorp (TAH), which had a shocker trading session, slumping 6% after the New South Wales government decided to shut down the greyhound industry.

In the day the ASX 200 added 30 points (+0.58%) to settle at 5228.

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For more information, visit: http://www.australianstockreport.com.au/