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Resources drag Aussie market higher in choppy session

Xinhua, October 21, 2015 Adjust font size:

Australia's resource stocks pulled the local market higher on Wednesday in a choppy session that was weighed by the banks.

At the close on Wednesday, the benchmark S&P/ASX200 index was 12.7 points, or 0.24 per cent, higher at 5,248.3, while the broader All Ordinaries index was up 14.9 points, or 0.28 per cent, at 5,286.5.

CMC Markets chief analyst Ric Spooner said there just seems to be a little bit of confidence creeping into markets throughout the region.

"We're just starting to see a little bit of buying now because the market has stopped falling and the buyers are a bit concerned they might miss out," Spooner said.

Santos rallied 2.65 percent, Woodside Petroleum gained 0.85 percent, and however, Oil Search dipped down 0.14 percent just before the close.

Rio Tinto gained 1.38 percent while BHP Billiton is up 1.17 percent after announcing a bumper September quarter production.

Gold miner Newcrest lifted 2.20 percent.

Financials started deep in the red, however regained ground in the afternoon in the wake of a parliamentary deal to pass the China-Australia FTA.

The National Australia Bank is down 0.13 percent, Westpac is 0.32 percent weaker, however the Commonwealth Bank of Australia is 0.11 percent higher while ANZ is 0.56 percent stronger.

Woolworths is up 0.48 percent while Wesfarmers lifted 0.52 percent.

Telstra is marginally higher, up 0.37 percent. Qantas fell 1.02 percent. Endit