The Australian stock market is trading firm on Tuesday with investors picking up stocks, tracking positive cues from Wall Street where the major averages posted solid gains overnight on some hectic bargain hunting.
Energy and industrial stocks are mostly trading notably higher. Financial, mining, property trusts and consumer discretionary stocks are also finding good support.
The benchmark S&P/ASX 200 index, which rose to 4,111.2, is currently trading at 4,100.7, up 27.1 points or 0.6 percent from its previous close. The broader All Ordinaries index is up 29.2 points or 0.7 percent at 4.153.6, around 10 points off the day's high of 4,163.3.
Among energy stocks, Oil Search is up 2.3 percent, Origin Energy is gaining 2.2 percent and Caltex Australia is up 1.5 percent, while Woodside Petroleum and Santos are trading higher by 0.6 percent and 0.7 percent, respectively.
Among top miners, BHP Billiton is up 0.7 percent, Rio Tinto is trading 2.2 percent higher and Fortescue Metals is up with a gain of 3.3 percent. However, Newcrest Mining is trading in negative territory with a loss of 1.3 percent.
In the banking space, Commonwealth Bank of Australia, National Australia Bank and Westpac are up 0.5 to 0.7 percent, while ANZ Bank is up marginally. Bank of Queensland is up 1.6 percent, while Bendigo & Adelaide Bank is down marginally.
Graincorp Ltd shares are up more than 7 percent following upbeat results. The company has lifted first-half profit by more than 50 percent to A$133.7 million and expects full-year profit between A$185 million and A$205 million, up from a previous forecast of A$165 million to A$185 million.
Leighton Holdings is up 3.3 percent following an announcement from the company that it is likely to report a full-year profit of between A$400 million and A$450 million.
Monadelphous Group shares are trading higher by over 6.5 percent. Panaust, Iluka Resources, Onesteel, James Hardie Industries, Campbell Brothers and Perseus Mining are up 3 to 5 percent.
Boart Longyear, Dexus Property Group, QR National, Alumina, WorleyParsons, Lynas Corporation, Toll Holdings and Seven West Media are trading higher by 2 to 3 percent.
On Wall Street, stocks posted strong gains on Monday, due largely to bargain hunting after recent losses. The major averages ended the session just off their highs. While the Dow rose 135.1 points or 1.1 percent to 12,504.5, the Nasdaq jumped 68.4 points or 2.5 percent to 2,847.2 and the S&P 500 moved up 20.8 points or 1.6 percent to 1,316.
Major European markets too surged higher on Monday. The German DAX index advanced by 1 percent, while the U.K.'s FTSE 100 index and the French CAC 40 index gained 0.7 percent and 0.6 percent, respectively.
U.S. crude oil futures ended higher on Monday, due largely to speculative buying. Crude for June delivery ended up $1.09 at 92.57 a barrel on the New York Mercantile Exchange.
by RTT Staff Writer
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