The Australian market rose higher today following an agreement for Greece’s second bailout. The data include benchmark S&P/ASX200 going up by 35.1 points or .82 percent at 4,291.2 points. On the other hand, All Ordinaries Index, rose by 35.4 points, equivalent to 0.82 percent, at 4,368.2 points.

These data went up when the news reached the local market at 1400 AEDT that Eurozone finance ministers had sealed a 130 billion euro deal bailout for Greece. With this deal, Athens’ government debt to gross domestic product ratio will be reduced back to 120.5 percent by the year 2020.

Additionally, the private holders of Greek debt will be forced to take a write down on their investment by 53 percent. This was according to John Curtin, associate director or Patersons Securities.

"The positive is that they've got the deal done - unlike other deals - earlier than when the deadline was. So, that's going to be good for confidence. It also gets it out of the way because the next big hurdle now will be looking at the Italian bond renewal that needs to be done by the end of March,” he said.

Mining giant, BHB Billiton, was driven up by 42 percent or 1.17 percent. Meanwhile, its rival Rio Tinto went up by $1.12, equivalent to 1.65 percent.

"It's really the classic case that the top end of our market is positively affected," Mr. Curtin said.

National Australia Bank went up by 22 cents, or .95 percent, to $23.40. It took the lead over the other major banks of Australia.

"Within two days they've nearly clawed back all of the dividend," added Mr. Curtin.

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