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Australian Market Trades Higher

4/16/2012 9:44 PM ET

The Australian stock market is trading modestly higher on Tuesday with investors indulging in some selective buying after recent losses.

Consumer discretionary, healthcare and information technology stocks are mostly trading higher. Financial and industrial stocks are also finding good support. Energy and mining stocks are edging higher after starting off on a weak note.

The benchmark S&P/ASX 200 index, which rallied to 4,321.4 after edging down to 4,301.7 in early trades, is currently up 14.3 points or 0.3 percent at 4,316.6. The broader All Ordinaries index is up 13.5 points or 0.3 percent at 4,396, off an early low of 4,381.9.

Among bank stocks, ANZ Bank, Commonwealth Bank of Australia, National Australia Bank and Westpac are up 0.3 to 0.9 percent. Bendigo & Adelaide Bank and Bank of Queensland are up 0.5 percent and 0.7 percent, respectively.

Among miners, BHP Billiton, Rio Tinto and Fortescue Metals are up 0.3 to 0.6 percent, while Newcrest Mining is trading lower by 0.7 percent.

In the energy sector, Santos, Oil Search, Origin Energy and Caltex Australia are up with modest gains, while Woodside Petroleum is down marginally.

Lynas Corporation is trading higher by about 3.2 percent. CSL, David Jones, Seek and Incitec Pivot are up 2 to 3 percent.

Macquarie Group, Tatts Group, Goodman Group, Harvey Norman Holdings, Computershare, Fairfax Media and Suncorp Group are trading higher by 1.5 to 1.8 percent.

Downer EDI Limited shares are up 0.3 percent. The company has won an A$85 million contract to carry out electrical work on a new cancer research centre in Melbourne.

Meanwhile, Aquarius Platinum, Paladin Energy, Beach Energy, Resmed Inc. and Iluka Resources are trading in negative territory, losing 1 to 2.5 percent.

Among other markets in the Asia-Pacific region, Hong Kong, Japan, South Korea and Taiwan are up with modest gains. Malaysia and New Zealand are up marginally, while Singapore is trading flat. Markets across the region ended mostly lower on Monday.

On Wall Street, stocks turned in a mixed performance on Monday amid a mixed batch of U.S. economic data. While the Dow ended up 71.8 points or 0.6 percent at 12,921.4, the Nasdaq drifted down 22.9 points or 0.8 percent to 2,988.4 and the S&P 500 edged down 0.7 points or 0.1 percent to 1,369.6.

Major European markets moved higher on Monday. While the U.K.'s FTSE 100 index moved up 0.3 percent, the German DAX index and the French CAC 40 index gained 0.6 percent and 0.5 percent, respectively.

U.S. crude oil futures closed slightly higher on Monday. Crude oil futures for May delivery ended up $0.10 or 0.1 percent at $102.93 a barrel on the New York Mercantile Exchange.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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