A third day of gains pushed the ASX to fresh 2016 highs as resource stocks picked up the reins of the Santa rally.
At 1pm EST the ASX 200 was 33 points or 0.6% ahead at 5624 and on track for the index's strongest close since last August. The metals & mining sector did much of the heavy lifting with an advance of 1.4%, followed by materials +1.2%, energy +0.8% and financials +0.6%. At the other end, industrials stocks slipped 0.8% and IT 0.5%.
"It's a good day to be an equity bull, but it's a slow grind higher as opposed to an explosion in demand and the moves we are seeing in many markets are still fairly subdued," IG chief market strategist Chris Weston told Fairfax.
China's Shanghai Composite rose 0.5%, Hong Kong's Hang Seng 0.49% and Japan's Nikkei 0.31%. Dow futures were up 11 points or 0.06%.
Crude oil futures edged up 10 cents or 0.19% this morning to US$52.22 a barrel. Gold futures were $1 or 0.09% weaker at US$1,132.80 an ounce. The dollar was buying 72.63 US cents.
Market definitely feels like it's relaxing into Xmas mode. Volumes slipping, moves limited. Bits and pieces going on, but looks like less on offer for momentum traders? Trading: nailed a good bounce in AFY. Looking for something similar from CDA once the volume seller has finished unloading. Also picked up a piffling part-fill in BRL that won't amount to much whatever happens.
