Strength in mining stocks helped the ASX 200 crack 4700 this morning for the first time in five months.
At lunchtime the index was 17 points or 0.4% higher at 4698 after hitting its highest level since early May shortly after trading began. Gains in cyclical sectors, including metals & mining +1.2% and materials +1.1%, offset losses among defensive sectors, including health and consumer staples.
"We had a reasonable lead from the US and particularly with base metals on Friday," Burrell Stockbroking director Richard Herring told wabusinessnews. "That has been reflected in our market today with BHP, Fortescue and Rio Tinto leading the market."
The morning's housing data was mixed-to-negative, with finance for construction falling for the 10th straight month.
Asian markets were mostly stronger. Japan was closed for a public holiday but Shanghai was recently up 1.7%, Hong Kong's Hang Seng up 1% and South Korea's Kospi up 0.6%. Dow futures were recently at +24.
Crude oil futures continued Friday's rally this morning, rising 49 cents or 0.6% to $83.13 a barrel. The spot gold price was $6.30 higher at $1,353.30 an ounce. The Aussie dollar was buying 98.77 U.S. cents.
A wasted morning here waiting for pullbacks and clear buy signals. A misguided premature entry in WOW offered a chance to practise my stop-loss discipline. Exited for a small loss, only for the trade to turn in my favour. Been that sort of morning. Harumph.
