Shares were higher at lunchtime for the first session in three as mining stocks shook off early weakness and Asian markets traded mixed.
At 1pm the ASX 200 was ahead 27 points or 0.6% at 4878 following an early dip into the red as Shanghai shares made a weak start. All sectors except IT were trading higher, with health and telecoms topping sector gains as defensive stocks outperformed cyclicals.
Asian markets were mixed, with Japan's Nikkei losing 0.19% in morning trade, but Shanghai and Hong Kong's Hang Seng overcoming initial weakness to rally 0.29% and 0.37%, respectively. US futures were mildly negative, off 17 points or 0.14%.
Oil retreated this morning after Saudi Arabia's oil minister announced that the country cut its output last month because the market was over-supplied. Ali al-Naimi said Saudi output was slashed by 800,000 barrels a day. Crude futures were recently down 66 cents or 0.6% at US $109 a barrel. Spot gold was 80 cents weaker at US $1,485.60 an ounce. The dollar was buying US $1.0559.
Lots of lovely volatility this morning creating scalping opportunities. Traded BCD twice, PIR three times, ALK, BLT and IPL. Nice start to the shortened week.
