| Australian stock market firmer at noon, led by resources
THE share market was up almost 2 per cent at noon following a strong start to morning trade, after the US capped off its best week in five years on Friday and speculation mounted over the future of market leader Rio Tinto. At 12.07pm AEDT, the benchmark S&P/ASX200 was up 107 points, or 1.83 per cent, at 5949.9, while the broader All Ordinaries lifted 112.9 points, or 1.92 per cent, to 5995.2. At 12.08 pm AEDT on the Sydney Futures Exchange, the March share price index contract was up 161 points, or 2.79 per cent, at 5939 on 16,887 contracts. ABN AMRO Morgans senior equities adviser Geoff Voller said retail trading volumes were light. Mr Voller said the resource sector was strong on the back of news China's biggest aluminium producer, Chinalco, and US group Alcoa had jointly bought a 12 per cent stake in Rio Tinto on Friday.
Australian stockmarket down on Wall St, BHP fears
THE Australian sharemarket has closed weaker amid fresh jitters over a massive drop on Wall Street and BHP Billiton's first-half profit slump. At 4.15pm (Sydney time) the benchmark S&P/ASX200 was down 183.5 points or 3.17 per cent to 5609.4, while the broader All Ordinaries was down 174.5 points or 2.98 per cent at 5677.6. On the Sydney Futures Exchange, the March share price index futures contract was down 214 points or 3.71 per cent to 5576 points on a volume of 28,669 contracts. Investors punished BHP, which posted a dip in first-half net profit, after exchange rate movements and higher input costs affected its bottom line. BHP's result was overshadowed by the company's announcement of a formal $US147.4 billion ($A164.5 billion) 3.4-to-one share bid for rival Rio Tinto Ltd.
Big miners drag stocks down
On the Sydney Futures Exchange, the December share price index contract was down 72 points to 6528, on a volume of 19,549 contracts. CMC Markets dealer Matt Wacher said lower base metal prices overnight are weighing on the local bourse. "Most of the sectors seem to be pretty flat. Energy and materials sectors are off," Mr Wacher said. "I guess the materials and energy sectors are off on the back of the commodity prices overnight. Oil prices and all the base metals took a bit of a beating and similarly with the gold price which was off quite substantially." Mr Wacher said positive retail sales data in the United States helped to buoy stocks on Wall Street."The US retail sales result was pretty strong so that's probably given a bit of impetus to the market as a whole over there. "It started much lower on the day and ended up around 40 points on the close...
Australian stock market climbs higher at noon
THE Australian stock market was 1.1 per cent stronger at noon as solid earnings results from Telstra and Qantas lifted investor spirits and Wall Street provided a good lead on speculation of another US interest rate cut. At 12.01pm AEDT, the benchmark S&P/ASX200 index was up 62 points, or 1.13 per cent, at 5558.5 while the broader All Ordinaries index had risen 62 points to 5639.3. On the Sydney Futures Exchange, the March share price index futures contract was 86 points higher at 5538 on a volume of 16,577 contracts. Macquarie Equities associate director Lucinda Chan said a strong lead from the US and some better than expected local earnings results were supporting the market. ''The market has not been supported since we started the results (season), but today looks a bit more positive with Telstra's good result and Qantas wasn't too bad either,'' Ms Chan said.
Soft miners, banks keep lid on stocks
THE Australian stock market was little changed at noon amid subdued trading, although the big miners were weaker after base metals prices came under pressure again. The benchmark S&P/ASX200 index was 0.4 points higher at 6334.7, while the All Ordinaries had gained 1.1 points to 6396.2. On the Sydney Futures Exchange, the December share price index contract was seven points lower at 6364 on a volume of 5,580 contracts. Austock Securities senior client adviser Michael Heffernan said the market lacked firm direction. "It's been a bit choppy, which is not surprising given the fact that is no lead from our normal leader, which is the US," Mr Heffernan said. "Commodity prices were a bit on the soft side.' "It is interesting that the major drivers of our market, the banks and financial sectors, are in negative territory." Following a round of profit-taking in the past couple of sessions, it could be time for investors to buy again, Mr Heffernan said.
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