Rallying resource stocks drove the ASX to a two-week high this morning after overnight advances for commodity prices.
At lunchtime the ASX 200 was up 50 points or 1.07% at 4769 on gains in the gold sector +4.1%, metals & mining +2.1%, materials +2.1% and energy +1.7%. Property trusts and consumer staples were the only sectors to buck the uptrend, down 0.6% and 0.1% respectively.
Labor's ETS scheme was voted down in the Senate this morning, handing the government a double dissolution trigger. The vote, shortly before midday, was defeated 41-33.
The brittleness of the housing recovery was underlined by a fall in home loans in November for the second straight month. Sales of mortgages fell 8.36% to 6,541, according to mortgage broker AFG. The average size of a mortgage hit a record $367,000 in November, a rise of 6.4% since May.
Asian markets were mixed. Japan's Nikkei gave up early gains and was recently down 0.16%, Shanghai was up 0.63% and Hong Kong's Hang Seng was up 1.31%. Dow futures were at -8.
Gold burst back through $1,200 an ounce this morning and was recently trading at $1,202.30. Crude oil futures slid 20 cents to $77.99 a barrel.
A better morning here after yesterday (when I might as well have been wearing clown shoes and a red nose). Caught SGX and MDL on breakout. Surprised RNG has been sold down so hard. Watching it for signs of a turnaround.
