Australia’s stock market opened higher on Thursday (19/1/2017), partly helped by good results from the mining sector, the insurance sector and the energy giants.
At about 3 pm local time, an index of reference S&P/ASX 200 increased by 0.74 points or 42.1 percent to 5,720.9 points, and the All Ordinaries Index opened strong, up 38.2 points or 0.67 percent to 5,771.9 points.
CMC Markets market analyst, Michael McCarthy says that the market is being driven by companies of miners because of the excellent performance of the group.
“The US dollar is getting stronger resulted in gold, copper and oil all fell in overnight trading, but iron ore is up again, and it shows that the market’s underlying strength,” said McCarthy.
There may be a surprise in the Aussie market on Thursday, as the number of jobs January scheduled to be released by the Australia Bureau of statistics, and McCarthy said the market appears to be satisfied.
“Since December, are particularly vulnerable to seasonal adjustment, we might get a surprise today could be the driving force of the market,” said McCarthy.
BHP Billiton opened well, up 0.98 percent in morning trading, Rio Tinto climbed 1.28 percent, while Newcrest 2.45 percent decline due to the decline of commodity prices.
The Commonwealth Bank of Australia down 0.11 percent, Westpac slumped 0.34 cent, ANZ down 0.3 percent and National Australia Bank lost 0.07 percent this morning.
Santos lost 0.24 per cent, Woodside Petroleum rose 0.25, and Oil Search down 1.03 percent.
Woolworths shares made gains, up 0.29 percent, while rival Wesfarmers 0.87 percent slide off.
Qantas shares rose 1.31%, and telco Telstra fell back 0.58 percent…(Red).