A positive morning on Asian markets helped Australian shares advance as weakness among resource stocks was offset by strength in financials and defensive sectors.
At lunchtime the ASX 200 was up 14 points or 0.3% at 4453 and on track to extend yesterday's 14-month closing high. A soft morning for resources saw gold stocks fall 1.6%, metals & mining 1.2% and energy stocks 0.5%. Financials rallied 1%, ahead of property trusts +0.8% and consumer staples +0.6%.
"The resources sector is like a weight around the market's ankles today," IG Markets analyst Cameron Peacock told Fairfax.
Asian markets shook off a lethargic open. Japan's Nikkei gained 0.62% and Hong Kong's Hang Seng edged up 0.07%. Shanghai remained closed. Dow futures were recently up 43 points or 0.3%.
Crude oil futures bounced 22 cents this morning to US$88.22 a barrel. Spot gold was virtually unchanged, up 10 cents at US$1,780 an ounce. The dollar was buying $US1.021.
Ran out of time with this - fighting fires on too many fronts. In BBG up to my neck and holding PRR, PRU and GWA on pullback. Ahead in some, down on others. Overall outcome in the balance. And I thought today was going to be slow...
