The morning’s strong gains in energy and mining stocks have helped push the Australian share market higher by noon.
December 14, 2017
The Australian share market is higher at noon following strong gains by mining and energy stocks.
The benchmark S&P/ASX200 stock index was up 10.2 points, or 0.17 per cent, at 6,032.0 points at 1200 AEDT.
The mining and energy sectors led the gains following a recovery by base metals and a fall in the US dollar that was prompted by the Federal Reserve’s benchmark interest rate rise overnight.
And, the Australian dollar bounced to its highest since November 7 after Australian Bureau of statistics data showed that the unemployment rate had remained steady at 5.4 per cent in November.
The local currency was trading at 76.69 US cents at 1200 AEDT, from 76.29 US cents ahead of the 1130 AEDT data release.
On the ASX, resources stocks climbed with South32 the standout, up 4.3 per cent, while BHP Billiton, Rio Tinto and Fortescue Metals lifted between 0.8 and 0.4 per cent.
Energy stocks mainly gained, despite oil prices falling overnight, with Santos, Origin Energy and Oil Search higher, but Woodside Petroleum flat.
The big four banks were mainly lower, with Commonwealth Bank leading the losses after the lender revealed AUSTRAC intends to make further allegations related to breaches of money laundering and counter-terrorism laws.
CBA shares were down 0.4 per cent to $79.995
National Australia Bank and ANZ were slightly lower while Westpac gained.
Myer plummeted, by almost eight per cent to 67.00 cents, after it warned that a further deterioration in sales in the lead-up to Christmas would hit its first-half profits.
And, Woolworths shares were 0.6 per cent weaker, at $26.89, after the consumer watchdog announced it will oppose BP Australia’s planned takeover of the supermarket giant’s service stations.
The Australian dollar was trading at 76.69 US cents at 1200 AEDT on Thursday, from 75.75 on Wednesday.
ON THE ASX:
* At 1200 AEDT, the benchmark S&P/ASX200 was up 10.2 points, or 0.17 per cent, at 6,032.0 points.
* The broader All Ordinaries index was up 12.7 points, or 0.21 per cent, at 6,115.8 points.
* The SPI200 futures contract was up 11 points or 0.18 per cent at 6,038 points.
* National turnover was 1.3 billion securities traded worth $2.4 billion, at 1200 AEDT.
CURRENCY SNAPSHOT AT 1200 AEDT:
One Australian dollar buys:
* 76.69 US cents, from 75.75 US cents on Wednesday
* 86.44 Japanese yen, from 85.84 yen
* 64.78 euro cents, from 64.43 euro cents
* 57.15 British pence, from 56.83 pence
* 109.35 NZ cents, from 109.06 NZ cents
GOLD:
The spot price of gold in Sydney at 1200 AEDT was $US1,253.69 per fine ounce, from $US1,243.95 per fine ounce on Wednesday.
BOND SNAPSHOT AT 1200 AEDT:
* CGS 4.50 per cent April 2020, 1.9463pct, from 1.9037pct on Wednesday
* CGS 4.75pct April 2027, 2.5135pct, from 2.4913pct
Sydney Futures Exchange prices:
* December 2017 10-year bond futures contract at 97.4325 (implying a yield of 2.5675pct), from 97.455 (2.545pct) on Wednesday
* December 2017 3-year bond futures contract at 97.945 (2.055pct), from 97.99 (2.01pct).
(*Bond market closes taken at 1630 AEDT previous local session; currency closes taken from 1700 AEDT previous local session).