Miners buoy sharemarket at noon

4 years ago admin Comments Off on Miners buoy sharemarket at noon

The share market was modestly higher at noon as gains in the resources and energy sectors offset weakness among banks, healthcare companies and utilities.

At midday (AEDT) the benchmark S & P/ASX200 index was up was up 6.9 points, or 0.12 per cent, with the energy and materials sectors each more than one per cent higher.

The broader All Ordinaries index was up 8.8 points, or 0.15 per cent at 5,803.4 points.

A 1.8 per cent jump in spot iron ore to $US88.26 a tonne overnight was driving the gains for miners, with Rio Tinto up 2.25 per cent, BHP Billiton up 1.4 per cent and Foretescue Metals 2.5 per cent stronger.

Gains by Woodside Petroleum, Oil Search and Santos ranged from 0.4 per cent to 0.85 per cent.

Westpac was the weakest of the big four banks, down 0.5 per cent, while National Australia Bank and Commonwealth Bank were only slightly lower and ANZ was slightly higher.

AAP

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