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Aussie market opens higher but still below 5,000 point level

Xinhua, December 15, 2015 Adjust font size:

The Australian market is still below the 5,000 point threshold despite opening slightly higher on Tuesday following a broad-based sell off that wiped 30 billion Australian dollars from the index on Monday.

At 1010 AEDT on Tuesday, the benchmark S&P/ASX200 index was up 7.5 points, or 0.15 percent, at 4,936.1, while the broader All Ordinaries index was up 8.4 points, or 0.17 percent, at 4,990.3.

Aussies stocks should be supported on Tuesday as bargain hunters flood into the market following Monday's broad-based sell off on swinging sentiment from the overnight's offshore trade, Australian Stock Report's head of trading Chris Conway said.

U.S. stocks closed higher overnight ahead of an expected U.S. Federal Reserve rate rise and a bounce in oil after falling within sight of 11-year lows, supporting Australia's banks and energy stocks on the local market.

ANZ edged 0.12 percent higher, the Commonwealth Bank of Australia is down 0.74 percent, the National Australia Bank rose 0.39 percent and Westpac is up 0.82 percent.

Oil Search gained 0.68 percent, Santos is added 0.60 percent. However, Woodside Petroleum slipped 1.17 percent.

Wesfarmers is up 0.40 percent and Woolworths gained 0.51 percent.

BHP Billiton fell 1.75 percent, rival Rio Tinto is down 1.83 percent while gold miner Newcrest gave up Monday's gains, tumbling 2.51 percent.

Telstra is 0.48 percent stronger while Qantas rallied 2.51 percent on news of a bumper first half underlying pre-tax profit. Endit