Australian Stocks Near Five-Month High

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The local share market has jumped to a six-day high and is close to its best level in five and a half months.

The benchmark S&P/ASX200 index was up 35 points to 7174.3 at noon AEDT on Tuesday, a rise of 0.49 percent. The broader All Ordinaries was up 32.8 points to 7367.9, a 0.45 percent rise.

Moving above 7196.5, a level hit in intraday trading on November 14, would put the ASX200 at its best level since June 7.

The gains were tracking to be the ASX’s biggest move in seven days after a quiet week last week, and came despite a down day on Wall Street, where the S&P500 dropped 0.4 percent.

Every ASX sector was higher at midday except for industrials, which were basically flat.

Energy was the biggest gainer, rising two per cent as Woodside gained 2.1 percent and Whitehaven Coal added 8.2 percent.

In mining, BHP was up 0.9 per cent to $43.315 (US$28.65) and Rio Tinto was up 0.6 percent to $104.53, while Fortescue Metals was down 1.0 percent to $19.025 as the iron ore giant held its annual general meeting in Perth.

The heavyweight financial sector was up 0.3 percent, with Commonwealth Bank up 0.8 percent to $107.425 and a quieter day for the other members of the big four.

NAB was up 0.2 percent, Westpac down 0.1 percent and ANZ had fallen 0.2 per cent.

In tech, Technology One was up 4.7 percent to $12.925 as the enterprise software company delivered a  $112.3 million full-year profit before tax, up 15 per cent from last year and at the top end of guidance.

Star Entertainment was flat at $2.92 as newly-appointed managing director Robbie Cooke talked of accountability, honesty and transparency at the casino operator’s annual general meeting after a string of scandals.

The Australian dollar was buying 66.21 U.S. cents from 66.50 U.S. cents at Monday’s ASX close.

AAP

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Australian Associated Press is an Australian news agency.



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