The Australian share market has pushed higher at noon, despite a persistently low consumer sentiment in October and a plunge in the crude oil price overnight.
At 12.05pm (AEDT), the benchmark S&P/ASX200 index gained 24.3 points, or 0.47 per cent, to 5231.7, while the broader All Ordinaries index added 22.8 points, or 0.44 per cent, to 5226.8.
Today, the Westpac Melbourne Institute Index of Consumer Sentiment rose by 0.9 per cent from 94 in September to 94.8 in October, which makes it the eight month straight that the index has printed a reading below 100.
The Australian Bureau of Statistics released data on new car sales, which showed sales increased a seasonally adjusted 2.9 per cent to 94,285 in September.
Overnight, US crude prices plummeted more than 4 per cent as the International Energy Agency slashed its oil demand forecast in light of slowing economic growth in Asia and Europe.
It was the biggest fall in two years.
US benchmark West Texas Intermediate for delivery in November sank $US3.90 to $US81.84 a barrel on the New York Mercantile Exchange on Tuesday, a decline of 4.5 per cent.
European benchmark Brent oil for November delivery tumbled $US3.85, or 4.3 per cent, to $US85.04 a barrel, its lowest level since November 2010.
Tabcorp gained, lifting 4.45 per cent to $3.635, after announcing a strong lift in first-quarter revenues.
CSL shares were up 0.59 to $72.93 after it announced a $950 million buyback and that it expected profits to grow 12 per cent.
The Reject Shop surged 3.84 per cent to $8.92 after it announced ambitious expansion plans and that first quarter sales were down 5.4 per cent.
The information technology sector was booming, adding 1.73 per cent, with Carsales.com adding 1.92 per cent to $9.835
Resources were strong, lifting 0.80 per cent.
Among the best performers was Rio Tinto which lifted 0.97 per cent to $61.33 after unveiling record third-quarter iron ore shipments....read more....
