The Australian stock market is trading higher on Friday, led by mining stocks, after the U.S. Federal Reserve decided to keep interest rates low until at least 2014. The market was closed on Thursday for the Australia Day public holiday.
The benchmark S&P/ASX 200 Index, which opened higher at 4,277.20, is adding 24.90 points or 0.58 percent to 4,296.20 while the broader All Ordinaries Index is gaining 24.50 points or 0.57 percent to 4,353.60.
In the mining space, BHP Billiton is adding 0.94 percent and rival Rio Tinto is advancing 1.68 percent. Fortescue is gaining 3.5 percent and Newcrest Mining is up 2.62 percent.
In the energy sector, Oil Search is down 2.91 percent and Santos is losing 0.66 percent, while Woodside Petroleum is adding 1.03 percent.
Among banks, Westpac is rising 0.52 percent, Commonwealth Bank is advancing 0.67 percent, ANZ is adding 0.65 percent and National Australia Bank is up 0.04 percent.
U.S.-based medical device maker ResMed Inc. reported a 2 percent decline in profit for the first half of the financial year to $113.4 million as higher revenue offset an increase in costs. However, the stock is adding 5.12 percent.
In the currency market, the Australian dollar lost ground on Thursday after reaching its highest level in three months overnight. In early morning trades, the local unit was trading at US$1.0618, down from US$1.0636 Wednesday afternoon.
On Wall Street, stocks turned lower over the course of the trading day on Thursday as disappointing housing data offset early buying interest, Profit taking following recent strength also contributed to the downturn by the markets.
The Dow edged down 22.33 points or 0.2 percent to 12,734.63, the Nasdaq fell 13.03 points or 0.5 percent to 2,805.28 and the S&P 500 slid 7.60 points or 0.6 percent to 1,318.45.
European stocks stormed back to the upside after seeing modest losses earlier in the week, bolstered by the Federal Reserve's signal that it will keep interest rates low through 2014.
The German DAX Index rose 1.82 percent, the U.K.'s FTSE 100 Index gained 1.22 percent and the French CAC 40 Index rose 1.53 percent. The Swiss Market Index was up a more modest 0.28 percent.
U.S. crude oil futures closed higher on Thursday, extending gains for a second straight day mostly on a weak dollar and some mixed economic data from the U.S. Light sweet crude for March delivery rose $0.30 or 0.3 percent to settle at $99.70 a barrel on the New York Mercantile Exchange.
For comments and feedback: editorial@rttnews.com