Returning traders contribute to CommSec’s record month
(Australia) Commonwealth Bank’s online broking facility recorded more than 400,000 trades in September, breaking its previous record of 368,456 trades back in March 2000, the month before the dotcom bubble was pricked.
The total value of trades at market close September 30 came in at A$3.3 billion.
CommSec general manager Michael Blomfield said the result signalled an increase in market confidence with more independent traders returning to the market.
He said traders were looking to capitalise from a market that had been boosted by positive economic news.
"As businesses make more profit and the overall economy benefits from the substantial Federal Budget surplus…there is clear justification for further gains in share prices," Blomfield said.
"The sharemarket is particularly effective at reflecting the future profitability of listed companies. If earnings continue to increase then share prices should also grow."
CommSec general manager Michael Blomfield said the result signalled an increase in market confidence with more independent traders returning to the market.
He said traders were looking to capitalise from a market that had been boosted by positive economic news.
"As businesses make more profit and the overall economy benefits from the substantial Federal Budget surplus…there is clear justification for further gains in share prices," Blomfield said.
"The sharemarket is particularly effective at reflecting the future profitability of listed companies. If earnings continue to increase then share prices should also grow."
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