Shares recouped some of yesterday's losses after Yahoo beat profit expectations in the US, but pared gains as Asian markets struggled for traction.
At lunchtime the ASX 200 was 11 points or 0.25% at 4552 with all sectors advancing except IT -2.5%, utilities -1% and consumer staples -0.2%. Property trusts +1% and telecoms +0.8% were the pick of the sectors. The Small Ordinaries outperformed the blue chips, rising 0.5% versus a 0.2% gain in the S&P/ASX 20.
"Positive momentum at the end of the US market and a better than expected result from Yahoo should lead to a mildly positive sentiment in the local market this morning," CMC Markets chief market analyst Ric Spooner told Fairfax.
Shares in Yahoo rallied 4.6% in after-market trade as the company beat third-quarter revenue expectations this morning. However, the news was not enough to keep US futures in positive territory. Dow futures were recently down seven points or less than 0.1%.
Asian markets were cautiously positive. Shanghai put on 0.03% and Japan's Nikkei added 0.13%.
Spot gold gave back $4 this morning at US$1,725.30 an ounce. The dollar was buying $US1.0319.
A "nothing" day in Asia, with markets appearing content to tread water until we see if Wall Street found a bottom last night. Profitable runs on CNX and DYL over the last few sessions left me short on motivation this morning but I grabbed a few AVQ when the selling got overdone.
