Aust stocks open higher after raw material gain =3D3
29 Dec 2008 10:54 AM
INDEX MOVEMENT POSITION INDEX MOVEMENT POSITION
S&P/ASX200 +68.6 3650.8 Dow Jones +47.07 8515.55
All Ords +65.0 3580.0 S&P 500 +4.65 872.80
SPI contract +56.0 3643.0 Nasdaq +5.34 1530.24
Gold $USoz +37.90 878.55 Nikkei 0 8739.52
$A/USD +.0070 0.6853 NZSE-50 +12.449 2680.506
SYDNEY, Dec 29 AAP - The Australian sharemarket opened higher in low holiday volumes, led by commodity stocks, after prices of raw materials rose.
At 1022 AEDT, the benchmark S&P/ASX200 index was up 68.6 points, or 1.92 per cent, to 3,650.8, while the broader All Ordinaries index rose 65 points, or 1.85 per cent, to 3,580.
On the Sydney Futures Exchange, the March share price index contract was 56 points higher at 3,643 on a volume of 2,771 contracts.
Energy stocks gained after the price of oil for February delivery rose $US2.36, more than 6 per cent, to close at $US37.71 a barrel in New York on Friday.
Woodside Petroleum gained 95 cents, or 2.9 per cent, to $33.85, Santos increased seven cents, or 0.5 per cent, to $14.23 and Oil Search rose 16 cents, or 3.8 per cent, to $4.38.
The gold miners also increased as the precious metal advanced. Spot gold was at $US878.10 per ounce in Sydney, up $US37.45 from Wednesday's close of $US840.65.
Lihir Gold jumped 13 cents, or 4.6 per cent, to $2.94 and Newcrest Mining rose $1.21, or 3.8 per cent, to $32.99.
The big miners also gained, with BHP Billiton gaining 91 cents, or 3.2 per cent, to $29.75, and rival Rio Tinto adding 72 cents, or two per cent, to $37.31.
Stock Move Price
AMP +0.040 5.440
ANZ Bank +0.160 15.030
BHPBilton +1.040 29.880
CBA +0.490 27.640
NAB +0.190 20.300
NewsCorp +0.140 13.290
Polartech - .150
Rio Tinto +0.830 37.420
TelstraCp +0.040 3.770
WestpacBk +0.320 16.820
Woolwrths +0.250 26.650
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Burrell Stockbroking Director Richard Herring said the gains in gold and oil, combined with a positive day in US stocks on Friday, had helped the local market.
"We got a little bit of a leg from Wall Street, and the oil price and goldies pushed things up."
But Mr Herring said volumes were very low and investors were still nervous about buying stocks.
"People are still happy to be on the sidelines for the moment," he said.
On the exchange, 147 million shares worth $247 million changed hands, with 362 stocks up, 121 down and 186 were unchanged.
The big four banks, all among the ten biggest companies by market value, rose. Commonwealth Bank added 39 cents, or 1.4 per cent, to $27.54, National Australia Bank lifted ten cents, or 0.5 per cent, to $20.21, ANZ increased 13 cents to $15.00, and Westpac rose 20 cents to $16.70.
On Friday, Wall Street put together a moderate advance in light post-holiday trading after the finance arm of General Motors secured a government lifeline.
The Dow Jones industrial average rose 0.56 per cent to 8,515.55, the Standard & Poor's 500 index gained 0.54 per cent to 872.8 and the Nasdaq added 0.35 per cent to 1,530.24.
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In company news, Warrnambool Cheese and Butter Factory Company Holdings Ltd (WCB) and National Foods Ltd will form a joint venture to operate a cheese business.
WCB shares were untraded at $3.08.
The most traded stock by volume was Pacrim Energy, with 11.7 million shares worth $61,662 changing hands.
The stock gained 0.3 cent to 0.7 cent.
