Thanks Endless.
Half-time round-up:
Australian shares edged higher for a third day as oil and gold rebounded and several stocks benefitted from a softening dollar.
At lunchtime the ASX 200 was 11 points or 0.2% ahead at 5222 as rises in financials +0.3%, IT +1.3%, health +1.2% and industrials +0.6% outweighed another weak session for resource stocks. The gold sector slipped 1.7%, energy 0.5% and metals & mining 0.1%.
The dollar recouped about a quarter of a cent this morning, but companies with significant overseas earnings continued to benefit from the Aussie's dip below parity with the greenback. Ric Spooner, market strategist at CMC Markets, identified JHX, QBE, WDC and BXB as beneficiaries today.
"I think what we've seen going on recently is just some response to stocks benefiting from the weaker Australian dollar", Mr Spooner told Fairfax. "Apart from that, we've had a general run of fairly favourable news in terms of economic statistics." The dollar was lately buying 99.82 US cents.
Asian markets were mixed, with Shanghai tumbling 0.8%, Hong Kong's Hang Seng bouncing 0.16% and Japan's Nikkei adding 0.21%. Dow futures were recently up 12 points or 0.1%.
A retreat in the US dollar helped crude oil futures bounce 40 cents this morning to US$95.39 a barrel. Spot gold firmed $13.30 to US$1,442 an ounce. Copper for July delivery dipped 0.4% or more than a cent to $3.34 a pound.
The XJO has advanced about 20 points in four sessions. It's an up-trend but I'd happily trade it for some volatility. A fair morning all the same, with bounce trades completed in KDR and FKP. Just added SVW - seems to be back in the buy zone. Watching FLT.
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Thanks Endless. Half-time round-up:Australian shares edged...
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