After opening slightly weak, the Australian stock market is trading marginally higher Monday with investors indulging in some selective buying, tracking a positive lead from Wall Street where the major averages ended higher on Friday.
Consumer staples, healthcare, information technology and property trusts stocks are trading higher. Mining stocks are trading weak, while shares from financial, energy and industrial sections are trading mixed.
The benchmark S&P/ASX 200 index, which rose to 5,219.2 after declining to 5,193.6 in early trades, is currently trading at 5,213, up 6.9 points from its previous close. The broader All Ordinaries index is up 4.9 points at 5,196, off an early low of 5,181.3.
Incitec Pivot is up more than 2.5 percent despite lower earnings. The explosives and fertilizer maker has announced that its first half profit declined 23 percent. Incitec Pivot made a net profit of A$110.3 million in the six months to March 31, down from A$139.8 million in the same period the previous year.
Lynas Corp. is trading nearly 4 percent up. QBE Insurance Group, Echo Entertainment Group, Computershare, ResMed Inc. (RMD), Stockland, Goodman Group and Suncorp Group are trading higher by 2 to 2.4 percent.
Shares of paint maker DuluxGroup Limited are trading nearly a percent higher despite a 31 percent decline in the company's first half profit. DuluxGroup said it made a net profit of A$32.9 million in the six months to March 31, down from A$47.9 million in the same period the previous year.
Perseus Mining is down nearly 6 percent. Regis Resources is down with a loss of 5.2 percent. Oz Minerals, Atlas Iron, Newcrest Mining and Westpac are down 3 to 4 percent.
Alumina (AWC) is trading lower by 2.7 percent. PanAust, Fortescue Metals and Monadelphous Group are also trading sharply lower.
In the currency market, the Australian dollar, which fell below parity against the U.S. dollar early on Saturday morning, was quoting at US$0.9997 in early trades Monday.
On Wall Street, stocks moved mostly higher on Friday, offsetting the weakness that was seen in the previous session. The markets continued to benefit from the recent upward momentum despite a relatively quiet day in terms of news.
The major averages ended the day at their highs for the session. The Dow edged up 35.9 points or 0.2 percent to 15,118.5, the Nasdaq advanced 27.4 points or 0.8 percent to 3,436.6 and the S&P 500 rose 7 points or 0.4 percent to 1,633.7.
Major European markets too ended higher on Friday. While the German DAX index edged up by 0.2 percent, the U.K.'s FTSE 100 index and the French CAC 40 index advanced by 0.5 percent and 0.6 percent, respectively.
U.S. crude oil prices slipped on renewed global demand worries after OPEC left its 2013 estimate unchanged and reported increased output in April. Crude for June delivery ended down 35 cents at $96.04 a barrel on the New York Mercantile Exchange.
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