Australian stocks follow Wall Street up

Business News

Sep 16, 2009, 6:52 GMT

Sydney - Australian stocks gained more than 2 per cent Wednesday in response to a big jump on Wall Street and Federal Reserve Chairman Ben Bernanke's assessment that the US recession was 'very likely over.' The ASX 200 added 110 points, or 2.4 per cent, to close at 4,650, bringing the market to an 11-month high. The standout performer was telecommunications giant Telstra Corp, which recouped Tuesday's 4.3-per-cent slump that saw the former market leader lose 2 billion Australian dollars (1.7 billion US dollars) in value. Telstra shares were sold off after the government announced it would oblige the former monopoly provider to separate its retail from its wholesale arms and run them as separate businesses.

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