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Aussie stocks slightly higher in early trade

Xinhua, November 16, 2016 Adjust font size:

Australian stocks have opened slightly higher on Wednesday, lifted by the financial and energy sectors as miners come under pressure from falls in commodities.

At the open on Wednesday, the benchmark S&P/ASX200 index was up 19.1 points, or 0.36 per cent, at 5,345.3 while the broader All Ordinaries index was up 17.7 points, or 0.33 per cent, at 5,417.5.

Overnight leads have spurred the Aussie market with IG chief market strategist Chris Weston noting the clear macro thematic being long financials.

But the overnight pause for thought' following a lowing in bond selling is allowing investors to continue their rotation into the beaten up' sectors in a search for yield, CMC Markets chief market analyst Ric Spooner said.

In early trade, ANZ was up 0.29 percent, the Commonwealth Bank of Australia added 0.61 percent, the National Australia Bank lifted 0.71 percent and Westpac rose 0.65 percent.

BHP Billiton shed 1.34 percent, rival Rio Tinto lost 1.63 percent while gold miner Newcrest rallied 2.48 percent.

Oil Search surged 3.12 percent, Santos gained 2.00 percent and Woodside Petroleum is 2.32 percent stronger.

Wesfarmers climbed 1.53 percent however Woolworths fell 0.90 percent.

Qantas is down 0.32 percent while telecom giant Telstra bounced 0.74 percent. Endit