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Firm start for Aussie market as energy stocks continue to rise

Xinhua,May 11, 2018 Adjust font size:

SYDNEY, May 11 (Xinhua) -- The Australian share market has opened higher on Friday, with mining and energy stocks surging.

At 10:35 (AEDT), the benchmark S&P/ASX 200 index was up 21.90 points or 0.36 percent at 6,140.60, while the broader All Ordinaries index added 22.20 points or 0.36 percent at 6,238.10.

"Weaker CPI reads in the U.S. meant global investors turned more dovish, supporting asset prices generally," CMC Markets' chief market strategist Michael McCarthy told Xinhua.

"The consequent 0.6 percent slip in the U.S. dollar index overnight boosted commodity prices as well as currencies."

As a result gold and copper rose, but according to McCarthy it's oil and energy stocks that remains centre stage, hitting fresh three year highs as the Israel and Iran conflict heightened yesterday.

In the financial space, Australia's big banks saw mixed results with the Commonwealth Bank down (0.37 percent), Westpac Bank up (0.07 percent), National Australia Bank down (0.32 percent) and ANZ up (0.53 percent).

Mining stocks strengthened with BHP up (1.13 percent), Rio Tinto up (1.12 percent), Fortescue Metals up (0.83 percent) and Newcrest Mining up (0.05 percent).

The country's oil and gas producers lifted with Woodside Petroleum up (0.50 percent), Santos unchanged (0.00 percent) and Oil Search up (0.18 percent).

Australia's largest supermarket chains also made gains with Wesfarmers up (0.81 percent) and Woolworths up (0.24 percent).

While telecommunications giant Telstra rose (0.63 percent), the national carrier Qantas dropped (0.49 percent) and biomedical firm CSL shot up (0.81 percent). Enditem

 

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