Australian Market Trades Higher On Wall Street Cues
(RTTNews.com) - The Australian market is trading firm on Friday, with investors picking up stocks, tracking positive cues from Wall Street where the major averages ended higher overnight on some encouraging economic data.
Energy, telecommunications and healthcare stocks are among the notable gainers. Consumer discretionary, mining, industrial and financial stocks are trading mixed.
The benchmark S&P/ASX 200 index is up 16.8 points or 0.3 percent at 5,313.3. The broader All Ordinaries index is trading at 5,304, up 15.8 points or 0.3 percent from its previous close.
Among bank stocks, ANZ Bank, Commonwealth Bank of Australia and Westpac (WBK) are up marginally, while National Australia Bank is trading flat. Bendigo & Adelaide Bank and Bank of Queensland are up 0.5 percent and 1 percent, respectively.
Top miners BHP Billiton and Rio Tinto are up 0.3 percent and 0.7 percent, respectively.
Leighton Holdings is trading 3.2 percent higher. Iluka Resources, Sims Metal Management, Santos, Sonic Healthcare and Brambles are up 1.5 to 2.3 percent.
Navitas, Oil Search, Computershare, WorleyParsons, Dexus Property Group, Insurance Australia Group, Crown, Flight Centre and Bluescope Steel are all trading higher by over 1 percent.
Meanwhile, Newcrest Mining, Oz Minerals and Qantas Airways are trading weak, losing 1.3 to 2.6 percent.
In the currency market, the Australian dollar opened slightly weak against the U.S. dollar. In early trades, the local unit was quoting at US$0.9365, down from Thursday's close of US$0.9389.
On Wall Street, stocks ended higher on Thursday, despite giving back some ground after recording a strong upmove earlier in the day. An unexpected drop in initial jobless claims in the week ended September 21 helped lift sentiment, while a bigger than expected decline in pending home sales in August limited the market's upside.
The Dow rose 55 points or 0.4 percent to 15,328.3, the Nasdaq advanced 26.3 points or 0.7 percent to 3,787.4 and the S&P 500 climbed 5.9 points or 0.4 percent to 1,698.7.
Major European markets turned in a mixed performance on Thursday. While the U.K.'s FTSE 100 index edged up by 0.2 percent, the French CAC 40 index dipped by 0.2 percent and the German DAX index closed just below the unchanged line.
U.S. crude oil snapped a five-day loss to end higher on Thursday, mostly on some bargain hunting, notwithstanding a strong dollar and the brightening supply prospects with easing tensions in the Middle East, including Iran.
Crude for November delivery ended up $0.37 or 0.4 percent at $103.03 a barrel on the New York Mercantile Exchange, after touching a low of $102.20 a barrel intraday.
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