The Australian stock market is trading higher on Wednesday with investors indulging in some brisk buying in mining, energy and industrial stocks, tracking positive cues from Wall Street, where the major averages surged higher overnight on the back of some encouraging economic data.
The benchmark S&P/ASX 200 index, which advanced to 4,844.8 in early trades, is currently trading at 4,825, up 10.6 points or 0.2 percent from its previous close. The broader All Ordinaries index is up 11.4 points or 0.2 percent at 4,806, off an early high of 4,824.9.
In the mining sector, BHP Billiton (BHP) is up 1.5 percent, Rio Tinto (RIO) is up 2.5 percent and Fortescue Metals is trading nearly 3 percent up, while Newcrest Mining is up marginally.
Among energy stocks, Woodside Petroleum is up 1.3 percent, Santos is adding 1.8 percent, Oil Search is up with a gain of 2.2 percent and Caltex Australia is up 0.7 percent, while Origin Energy is trading weak, losing about 0.4 percent.
In the banking space, ANZ Bank, Commonwealth Bank of Australia and Westpac (WBK) are down 0.5 to 0.7 percent, while National Australia Bank is up marginally. Bendigo & Adelaide Bank and Bank of Queensland are up 0.8 percent and 1.2 percent, respectively.
Whitehaven Coal is trading 5.3 percent up and Mineral Resources is up nearly 5 percent. WorleyParsons, Iluka Resources, Arrium, Myer Holdings, Qantas Airways, Atlas Iron and Downer EDI are trading higher by 3 to 4 percent.
Leighton Holdings, PanAust, Incitec Pivot, Amcor, Seek, QBE Insurance Group and Monadelphous Group are trading higher by 2 to 3 percent.
UGL Limited shares are up more than a percent on reports the company has secured new contracts worth A$120 million across its global property services business, DTZ.
Meanwhile, News Corp. (NWS, NWSA) and Perseus Mining are trading sharply lower, losing nearly 10 percent and 8 percent, respectively.
In the currency market, the Australian dollar opened lower against the U.S. dollar. In early trades, the local unit was quoting at US$0.9486, down marginally from Tuesday's close of US$0.9492.
On Wall Street, stocks showed a strong upward move on Tuesday, despite traders expressing some uncertainty ahead of Wednesday's Federal Reserve announcement. A positive reaction to a report from the Commerce Department showing a notable rebound by housing starts in the month of May aided the surge.
The Dow surged up 138.4 points or 0.9 percent to 15,318.2, the Nasdaq advanced 30.1 points or 0.9 percent to 3,482.2 and the S&P 500 climbed 12.8 points or 0.8 percent to 1,651.8.
Major European markets ended on a mixed note on Tuesday. While the French CAC 40 index dipped by 0.1 percent, the German DAX index gained 0.2 percent and the U.K.'s FTSE 100 index advanced by 0.7 percent.
U.S. crude oil settled higher on Tuesday, ahead of the weekly crude oil inventories report and on supply concerns stemming from the geopolitical tensions in the Middle East as violence continued unabated in Syria.
Crude for July delivery ended up $0.67 or 0.7 percent at $98.44 a barrel on the New York Mercantile Exchange.
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