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Aust share market up more than 0.5%

Reported by AAP
Thursday, April 26, 2012
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The Australian share market has opened well over half a per cent higher, buoyed by optimism on overseas markets.

At 1012 AEST on Thursday, the benchmark S&P/ASX200 index was up 31.2 points, or 0.71 per cent, at 4,391.6, while the broader All Ordinaries index was up 30.4 points, or 0.69 per cent, at 4,464.3.

On the ASX 24, the June share price index futures contract was up four points at 4,392, with 7,688 contracts traded.

CMC Markets chief market strategist Michael McCarthy said investors were inspired by very good leads from overseas.

"Clearly the US markets were influenced by the Apple result, the subsequent jump in the share price, which was a major contributor to the performance of US markets overnight but overall we're getting some technical strength coming through in the overall market," he said.

McCarthy said investors had been waiting for the sideways trading to come to an end, with trade pushing towards 4,400 points.

"There's some cautious optimism that might be happening this week."

Blockbuster profits from Apple and a solid showing by Boeing pumped up US markets, with a late boost coming from a slightly improved growth outlook from the Federal Reserve.

Apple's shock profits report - net income nearly doubled from a year ago to $US11.6 billion ($A11.28 billion) - gave its stock an 8.9 per cent boost to drive the Nasdaq market up for a 2.3 per cent gain.

The broad-based S&P 500, which includes both Apple and Boeing, gained 18.72 (1.36 per cent) to 1,390.69.

On the local bourse some media stocks were punished after Seven West Media's shock earnings downgrade left investors and analysts wondering where the next profit warning will come from.

Seven West shares opened 17.3 per cent lower at $3.12.

Fairfax media shares were 2.8 per cent lower at 70 cents.

"Fairfax appears to be caught in the downdraft," Mr McCarthy said.

Meanwhile, News Corp shares were relatively flat at $18.90 while Ten Network shares were steady at 81 cents.

Resources stocks were firm, with BHP Billiton shares up 27 cents at $35.35 and Rio Tinto shares 80 cents higher at $66.40.

Among the major banks, the Commonwealth Bank lifted 37 cents to $51.52, ANZ added 21 cents to $23.93, Westpac gained 22 cents at $22.69, and National Australia Bank was 19 cents higher at $25.36.

European stocks rose sharply as robust corporate results offset weak economic data and markets waited for the US Federal Reserve's latest interest rate decision.

National turnover was 457 million shares worth $565.5 million, with 398 stocks up, 200 stocks down and 289 unchanged.

26/10/2014 04:30Sydney, Australia. 26 October,2014
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