Stimulus package keeps local market high
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Updated
Watch and wait: The Reserve Bank injected another $4.5 billion into the banking system. (AAP: File photo)
The Federal Government's $10 billion stimulus package has kept the Australian share market high and kicked along the Australian dollar.
About 2:00pm AEDT the All Ordinaries was nearly 5 per cent higher, at 4,334.
The Australian dollar was buying about 70.8 US cents.
The Reserve Bank injected another $4.5 billion into the banking system allowing stocks to continue their advance, led by the banks.
In afternoon trading, National Australia Bank was up 9 per cent and ANZ was higher by 5.5 per cent.
Meanwhile, stock markets across Asia are following Wall Street's overnight recovery, with big jumps in indexes across the region.
The region's largest exchange in Tokyo bounced back from last week's big losses.
The Nikkei benchmark was up more than 10 per cent in the first hour of trade, buoyed also by moves from Japan's government to stabilise the market.
It is Tokyo's first trading day since Friday, when the Nikkei recorded its biggest one-day percentage fall in more than 20 years.
Markets in South Korea, China and Taiwan are also up, following on from big gains in Europe and the US overnight.
