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Surprise new SA bank tax takes shine off ASX gains

Shares rebounded strongly from Wednesday’s thrashing as investors showed they were willing to jump back into sold-down resources stocks, but late news of a state-based bank tax undercut solid bank gains.

With a dearth of major corporate announcements or economic data on Thursday, investors looked for opportunities to buy back into the market a day after the ASX suffered its worst loss since the US election in November of last year.

That helped the benchmark S&P/ASX 200 index end the session up 40 points, or 0.7 per cent, to 5706, while the broader All Ordinaries index climbed by a similar margin to 5742.

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