News Corp. After being down for much of the day, the All Ordinaries index managed a late rally to close up 1.7 points, at 3129. The ASX 200 rose 0.7 to 3177.8.
Brokers expect the market to remain static as the financial year draws to a close.
The direction of the local market will hinge on the outcome of the US Federal Open Market Committee meeting, due to be announced early Thursday morning Australian time. Brokers believe the Rio bid could provide the impetus for further corporate activity in the sector. Strong gains by the banks also supported the market yesterday, as fears of another interest rate increase eased. Mayne Nickless was in the spotlight after former Colonial chief Mr Peter Smedley was appointed as managing director. Privacy Policy Copyright 2000.