Aust stocks higher at noon, led by resources
30 Dec 2008 12:16 PM
INDEX MOVEMENT POSITION INDEX MOVEMENT POSITION
S&P/ASX200 +10.6 3631.7 Dow Jones -31.62 8483.93
All Ords +12.4 3566.6 S&P 500 -3.38 869.42
SPI contract +34.0 3622.0 Nasdaq -19.92 1510.32
Gold $USoz -7.65 877.70 Nikkei -58.11 8805.28
$A/USD +.0027 0.6893 NZSE-50 +5.103 2682.743
SYDNEY, Dec 30 AAP - The Australian sharemarket was higher at noon, lifted by resources as the ongoing conflict in the Middle East raised concerns about the supply of commodities.
At 1200 AEDT, the benchmark S&P/ASX200 index was up 10.6 points, or 0.29 per cent, at 3,631.7, while the broader All Ordinaries index had gained 12.4 points, or 0.35 per cent, to 3,566.6.
On the Sydney Futures Exchange, the March share price index futures contract was 34 points higher at 3,622 on a volume of 5,921 contracts.
ABN Amro Morgans private client adviser Craig Walker said the market was trading on very small volumes.
"The only sectors you can really talk about today are energy and resources," he said from Brisbane.
"The oil price is up substantially overnight, so Woodside has had a strong move up today.
"Copper was up overnight (and) that and higher oil prices sent BHP a little bit higher, as well."
Energy stocks gained after the price of oil for February delivery rose $US2.31, or 6.15 per cent, to $US40.02 a barrel in New York on Monday.
At 1203 AEDT, major energy player Woodside was up 96 cents, or 2.76 per cent at $35.73, while Santos gained 31 cents to $14.41 and Oil Search added ten cents to $4.50.
In the resources sector, global miner BHP Billiton was up 50 cents, or 1.73 per cent, at $29.41 while rival miner Rio Tinto added 31 cents to $36.90.
Mr Walker said the conflict on the Gaza Strip between Israel and Hamas increased worries about supplies of resources and thus helped lift the prices of commodities.
"With all the tension in the Middle East, people are now focussing at the supply side of the equation as opposed to the demand side," he said.
For the rest of the local session, Mr Walker said very little would happen due to the holiday period.
"I don't read too much into volatility over this period, particularly between Christmas and New Year as there is little stock being traded," he said.
Stock Move Price
AMP -0.010 5.390
ANZ Bank -0.140 15.160
BHPBilton +0.510 29.420
CBA -0.080 28.100
NAB -0.240 20.630
NewsCorp +0.010 13.240
Polartech -0.015 .160
Rio Tinto +0.320 36.910
TelstraCp +0.030 3.740
WestpacBk -0.010 16.740
Woolwrths +0.350 26.660
