Shares extend yesterday's rally, led up by the big banks and energy stocks, while BHP gives back some of yesterday's outsized jump. BHP down 1%.
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0
All Ordinaries
5,975.600
+26.700
1
ASX SPI 200
5,925.000
+24.000
DOW FUTURES : -30
Woodside has hit a 20-month high, rising nearly 2 per cent to $33.85, boosted by rising oil prices.
US crude oil rose for a sixth consecutive session overnight to hit its highest level in five weeks, underpinned by tensions following a US missile strike on Syria and a shutdown at Libya's largest oilfield.
Other energy stocks are also doing well: Oil Search is up 0.5 per cent, Beach Energy has gained 1.3 per cent and Santos has added 0.4 per cent.
Weighing on the sub-index, Caltex is down 1.5 per cent, and Whitehaven Coal has lost 3.5 per cent
Business conditions jumped in March to highs not seen since before the global financial crisis with sales, profits and employment all at levels that bode well for a pick up in economic growth in coming months.
NAB's monthly survey of more than 400 firms showed its index of business conditions climbed 6 points to +14 in March, well above the long-run average of +5. The survey's measure of business confidence, however, dipped a point to +6 which was in line with its long-run average
Iron ore's descent into bear-market territory may herald further weakness, with Barclays pinning the blame for the slide on lower steel demand in China driving a shift from mills toward lower-quality ore and raising the prospect of a drop into the $US50s.
Ore with 62 per cent content in Qingdao fell 1 per cent to $US74.71 a tonne overnight, following a 6.8 % drop on Friday that pushed the commodity into a bear market from a February peak
TRADING
Another quiet day for me. THD gave something. Still waiting on CKA and IAM, hopefully they will come to fruition this afternoon.
