Despite only modest gains posted on US markets on Friday night, our market opened strongly. It range traded for the rest of the day and rallied into the close to extend the morning gains slightly – perhaps we have seen another higher low put into place before a break of stiff resistance above. The XJO closed 1.4% higher on average volume to end a positive session. Even better, was the Small Ordinaries which closed up 1.7% and all sectors ended in the black with the exception of Telecommunications which showed a negative close due to Telstra going ex-dividend. US markets are closed tonight so our market will have to look to Europe if it wants a lead for tomorrow.

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