Washington, March 04: The share market opened higher today after a positive lead from US markets on the back of encouraging US economic data.
At 10.12am (AEDT), the benchmark S&P/ASX200 index was up 41.0 points, or 0.85 per cent, at 4847.4 points while the broader All Ordinaries index added 40.3 points, or 0.82 per cent, to 4943.1 points.
On the ASX 24 at 10.12am, the March share price index futures contract was 42 points higher at 4844 points with 10,459 contracts traded.
IG markets research analyst Ben Potter said the mood looked postive across the board in early trading.
“On Wall Street, the economic data in the US just continues to be very, very good,” he said.
“The whole outlook over there is looking very good.”
Mr Potter also noted the pullback in the oil price, after Venezuela’s proposal for an international peacekeeping mission to avert civil war in Libya.
In the banking sector, National Australia Bank rose 22 cents to $25.51, Westpac improved 19c to $23.30, ANZ firmed 14c to $23.74, and Commonwealth Bank put on 45c to $52.56.
In the resources sector, global miner BHP Billiton lifted 59c to $47.14, and Rio Tinto was $1.44 heavier at $85.64.
Oil and gas producer Woodside Petroleum was 30c richer at $43.48, and Santos advanced 6c to $14.55.
In the gold sector, Newcrest was up 88c at $39.11.
The gold price fell today on indications that the European Central Bank may raise interest rates to fight inflation.
At 10.25am the spot price of gold in Sydney was $US1413.60 per fine ounce, down $US14.90 on yesterday’s closing price of $US1428.50.
Among other shares, Westfield Retail Trust was steady at $2.69, after it was the only stock to be dropped from the top 20 shares listed on the Australian Securities Exchange (ASX) in the latest rebalance of indices.
On Wall Street today, shares soared as new data showed steady improvement in the jobs market, retail sales and the economy’s service sector; and oil prices eased.
The Dow Jones Industrial Average index climbed 191.40 points, or 1.59 per cent, to 12,258.20 points.
The broader S&P 500 index rose 22.53, or 1.72 per cent, to 1330.97 points.
The tech-heavy Nasdaq Composite gained 50.67 points, or 1.84 per cent, to 2798.74.
——–Agencies