Aust stocks propelled higher by resources sector, US lead
19 Jan 2009 4:31 PM
INDEX MOVEMENT POSITION INDEX MOVEMENT POSITION
S&P/ASX200 +38.4 3589.3 Dow Jones +68.73 8281.22
All Ords +36.1 3531.0 S&P 500 +6.38 850.12
SPI contract +33.0 3557.0 Nasdaq +17.49 1529.33
Gold $USoz +17.1 837.90 Nikkei +34.30 8264.45
$A/USD +.0070 0.6813 NZSE-50 -4.185 2747.975
PERTH, Jan 19 AAP - The Australian share market was driven higher by resources stocks on the back of firmer commodity prices.
The benchmark S&P/ASX200 index was up 38.4 points, or 1.08 per cent, at 3,589.3, while the broader All Ordinaries index advanced 36.1 points, or 1.03 per cent, to 3,531 after a positive lead from Wall Street on Friday.
On the Sydney Futures Exchange at 1616 AEDT, the March share price index contract was 33 points higher at 3,557 on a volume of 18,607 contracts.
"The market held on to some quite good gains earlier in the session," CommSec market analyst Juliette Saly said.
"Trading volumes were thin."
Ms Saly said the market was anxiously awaiting BHP Billiton's December quarter production report on Wednesday amid speculation the mining giant will be forced to close its Ravensthorpe nickel laterite mine in Western Australia due to low prices for the metal.
"There has been some speculation that BHP's quarterly production figures could fall under quite a bit of pressure due to slowing demand (for its products) and a big drop off in commodity prices," she said.
"But it's continuing to hold up well."
BHP Billiton was up 50 cents, or 1.67 per cent, at $30.38 while its debt-laden rival Rio Tinto jumped $2.20, or 5.74 per cent, to $40.55.
"Rio was once again the stand-out," Ms Saly said.
"It has been under a lot of selling pressure heading into the end of 2008 but we're starting to see a bit of a recovery in Rio shares."
Ms Saly said the local market was expected to be flat on Tuesday, with US markets closed overnight for the Martin Luther King holiday.
"We'll be looking for a pick-up on Wednesday ... as we see Barack Obama inaugurated as the 44th president of the US."
Stock Move Price
AMP +0.140 5.420
ANZ Bank +0.130 14.430
BHPBilton +0.500 30.380
CBA +0.080 27.430
NAB +0.090 19.440
NewsCorp -0.600 12.500
Polartech +0.010 .155
Rio Tinto +2.200 40.550
TelstraCp -0.060 3.540
WestpacBk -0.020 16.090
Woolwrths -0.110 26.210
