Aussie market continues firm growth in early trade

SYDNEY, Sept. 13 (Xinhua) -- The Australian market opened higher on Wednesday, for the third consecutive day, with a boost in industrial commodity prices helping mining stocks and the energy sector.

At 10:40 (AEST), the benchmark S&P ASX/200 index was up 27.00 points or 0.47 percent at 5,773.40, while the broader All Ordinaries index gained 23.80 points or 0.41 percent at 5,830.20.

"Clearly there is some relief after some rising geopolitical tensions," CMC chief market strategist Michael McCarthy told Xinhua.

"U.S. markets reach a record high, which has given us a positive lead into today."

But the main driver on the market Wednesday has been the performance of mining and energy stocks.

"We have seen a big bounce back in industrial commodity prices," McCarthy said.

"OIl, copper and the other base metals were hit last week and rallied back since."

Another important component on the index is a local factor, according to McCarthy.

"That is the very tight trading range the market has been in for about three months now," he explained.

"It will be very interesting to see how the day pans out as we are getting closer to that higher level and given the very well defined parameters of this channel, there could be some temptation to take advantage of that and start selling."

The Commonwealth Bank gained 0.87 percent, Westpac Bank lifted 0.95 percent, ANZ rose 0.87 percent and National Australia Bank climbed 1.01 percent.

BHP shot up 1.73 percent, Rio Tinto surged 1.67 percent, Fortescue Metals rallied 0.76 percent and Newcrest Mining added 0.63 percent.

Woodside Petroleum slipped 0.28 percent, Santos jumped 1.28 percent, while Oil Search fell 0.30 percent. Wesfarmers edged lower at 0.14 percent, while Woolworths was boosted 0.99 was boosted.

Telstra dived 0.81 percent, Qantas was slightly higher at 0.26 percent and CSL was also up 0.28 percent.

[ Editor: meng ]
 

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