Aust stocks open slightly higher

Reported by AAP
Monday, April 8, 2013
Topics in this article:
Australia And New Zealand Banking,Bhp Billiton,Commonwealth Bank Of Australia.,National Australia Bank,Oz Minerals,Rio Tinto
Sold for $1.3 million one day, no buyers for $440,000 the nextRundown home shows death of mining boom.

Australian shares have opened slightly higher, buoyed by resource stocks .

IG Markets Stan Shamu said resource stocks were benefiting from a rise in commodity prices following disappointing US employment data, which had pushed the US dollar lower.

"The recovery in resources on the back of a weaker US dollar following weaker non farm pay roll figures and has inspired the Australian market to get off to a strong start to the week," he said.

BHP Billiton added 43 cents to $32.67 and Fortescue Metals added five cents to $3.62.

However Rio Tinto fell 19 cents to $55.41.

Gold stocks were also performing strongly at the open.

Newcrest surged 40 cents to $19.20, while Oz Minerals was up fives cents to $4.80 and Pan Australian Resources gained fives cents to $2.34.

The four major banks were mixed, with ANZ up five cents to $27.80 and Westpac eight cents higher at $30.33.

But Commonwealth Bank fell 53 cents to $66.40 and National Australia Bank lost nine cents to $30.48.

US stocks pared back sharp losses on Friday as traders digested a surprisingly weak March labour report and watched rising global tensions with North Korea.

The Dow Jones Industrial Average dropped 40.86 points (0.28 per cent) to close at 14,565.25.

In Europe on Friday, London's FTSE 100 index of leading companies closed 1.49 per cent lower to 6,249.78 points and Frankfurt's DAX 30 slumped 2.03 per cent to 7,658.75 points.


* At 1023 AEST on Monday, the benchmark S&P/ASX200 index was up 7.41 points, or 0.15 per cent, at 4,898.8 points.

* The broader All Ordinaries index was up 6.7 points, or 0.14 per cent, at 4,905.9 points.

* The June share price index futures contract was up four point at 4,899 points, with 9,183 contracts traded.

* National turnover was 184.22 million securities worth $305.9 million.

08/02/2016 21:02Sydney, Australia. 8 February,2016