Markets up as Greece avoids grexit: Afternoon market insights

The Australian sharemarket continued an upwards trend as the day wore on, as investors applauded Greece’s election results. Pro-bailout parties gained enough seats to form a ruling coalition, staving off fears of a Greek default.

At 2pm, ASX200 soared 1.89% higher to 4134.00, while the broader All Ordinaries index added 1.79% to 4180.4.

The dollar is trading just above parity, buying $US1.01.

Asian markets jumped at the open, with the Japan’s Nikkei225 index gaining 2.1% in the first half hour of shares, while the Hang Seng Index (Hong Kong) added 1.79%.