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STOCKS - AUSTRALIAN SHARES OPEN SHARPLY STRONGER - OCT 1.

AsiaPulse News

| October 01, 2008 | COPYRIGHT 2008 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

SYDNEY, Oct 1 Asia Pulse - The Australian stock market has opened more than three per cent higher today on strong leads from Europe and Wall Street, as overseas regulators scramble to save financial giants.

At 1015 AEST, the S&P/ASX200 was up 163.8 points, or 3.58 per cent to 4,764.3, while the broader All Ordinaries lifted 158.2 points, or 3.43 per cent to 4,789.5.

On the Sydney Futures Exchange, the December share price index futures contract climbed 125 points to 4,810, on volume of 13,190 contracts.

The financial sector was back in favour, with Commonwealth Bank of Australia (ASX:CBA) up $1.32, or 3.03 per cent, to A$43.94 (US$34.68), while second-ranked Westpac Banking Corporation (ASX:WBC) rose $1.28, or 5.9 per cent, to $22.76.

Third-ranked National Australia Bank (ASX:NAB) climbed 59 cents, or 2.31 per cent, to $24.85, while ANZ Banking Group (ASX:ANZ) lifted 47 cents, or 2.45 per cent, to $19.22.

Westpac takeover target St George Bank (ASX:SGB) jumped .35, or 4.4 per cent, to $29.95, while recently-troubled bank and insurer Suncorp-Metway lifted 60 cents, or 6.24 per cent to .90.

In investment banking, Macquarie Group (ASX:MQG) gained .05, or 2.7 per cent, to $38.05, while Babcock & Brown (ASX:BNB) rose 33 cents, or 17.22 per cent to $2.275.

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