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Energy,resources push Aussie market higher at open

Xinhua, January 29, 2016 Adjust font size:

Australia's energy and resources stocks have push the Australia's market slightly higher at the open after commodities and oil gained overnight.

At the 10.15am (AEDT) official market open, the benchmark S & P/ASX200 index was up 6 points, or 0.12 percent, to 4982.2, the broader All Ordinaries index gained 6.6 points, or 0.13 percent, to 5034.7.

Oil prices rose almost 3 percent overnight after changes in the commodity's geopolitical landscape suggested OPEC may indeed start cutting production.

Iron ore has also lifted overnight to trade at 41 U.S. dollars a tonne, spurring gains in Australia's miners that may see the market close higher for the second week running.

BHP Billiton is up 1.95 percent, rival Rio Tinto gained 1.28 percent, however gold miner Newcrest dropped 3.60 percent.

Oil Search lifted 3.93 percent, Santos bounced 4.76 percent and Woodside Petroleum was 3.66 percent stronger.

ANZ slipped 0.12 percent, the Commonwealth Bank of Australia edged 0.24 percent lower, Westpac fell 0.46 percent however the National Australia Bank added 0.59 percent.

Woolworths was 0.14 percent weaker while Wesfarmers edged 0.19 higher.

Qantas fell 1.31 percent while Telstra was flat. Endit