Australian market back in black after short correction

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Australia’s market has reversed a short-lived correction after gains in base metals overnight rallied Australia’s resources stocks to lift the broader market higher in early Wednesday trade.

The benchmark S&P/ASX200 index was up 27.7 points, or 0.48 percent at 5,788.4 points, while the broader All Ordinaries index was up 27.4 points, or 0.47 percent at 5,840.4 points.

Australia’s market has pushed through its minor correction with resources bouncing back from Tuesday’s sell off in early trade after China’s PPI lifted base metals, CMC Markets chief market strategist Michael McCarthy told Xinhua.

“Having said that, the financials are down about 0.4 percent against the rest of the market, and of course that was the main weight on the market yesterday,” McCarthy said.

“So, despite an early burst of enthusiasm, given that selling in the banks the market could slip back into the red before the end of the session.”

In early trade the Commonwealth Bank of Australia slipped 0.04 percent, the National Australia Bank lost 0.38 percent, Westpac shed 0.86 percent, but ANZ edged 0.22 percent higher after announcing further asset sell-off.

BHP Billiton rallied 3.67 percent, rival Rio Tinto surged 4.28 percent, and gold miner Newcrest gained 0.72 percent.

Santos slipped 0.12 percent, Woodside Petroleum lost 0.13 percent and Oil Search was down 0.41 percent.

Wesfarmers tumbled 0.71 percent but rival Woolworths is up 0.21 percent.

Qantas lifted 0.30 percent in early trade while telecom giant Telstra was 0.10 percent weaker. Enditem

Source: Xinhua/NewsGhana.com.gh

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