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Australian market starts morning trade with gains

Xinhua, January 16, 2017 Adjust font size:

The Australian market has bounced back in early Monday trade to regain some of the ground it lost last week.

In early Monday trade the benchmark S&P/ASX 200 index was 28.9 points, or 0.51 percent at 5750.0, the broader All Ordinaries index gained 28.2 basis points or 0.48 percent at 5804.8.

"There seems to be positivity ahead of upcoming economic updates on Australian job growth and production numbers later this week," said CommSec market analyst Steven Daghlian.

"We have seen gains in every sector, we have essentially recouped last week's loses this morning in about 30 minutes."

Expected to move the market this week is also production data coming out of China and the lead up to the inauguration of President-elect Donald Trump in the U.S.

Commonwealth Bank of Australia started flat at 0.01 percent down, National Australia Bank picked up 0.51 percent, Westpac started 0.49 percent higher and ANZ was boosted 0.42 percent.

BHP Billiton bounced 1.41 percent, Rio Tinto picking up 1.74 percent and Newcrest made strong gains at 2.46 percent.

Santos dipped slightly 0.36 percent down, Woodside Petroleum remained flat, 0.03 percent higher and Oil Search shares lifted 0.54 percent.

Wesfarmers gained 0.48 percent and Woolworths jumped 0.78 percent.

Qantas rose 0.71 percent and Telstra started positive picking up 0.57 percent. Endit