Aussie share market rallies on resource strength

Source: Xinhua| 2019-07-11 09:40:19|Editor: Li Xia
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SYDNEY, July 11 (Xinhua) -- The Australian share market opened higher on Thursday with strength in the resource sector offsetting weight from the banks and consumer stocks.

At 10:45 (AEST), the benchmark S&P/ASX 200 index was up 16.40 points or 0.25 percent at 6,706.20, while the broader All Ordinaries index was up 19.30 points or 0.28 percent at 6,797.00.

Local resource stocks benefitted from strength in commodity prices to lead market gains.

"Gold rallied back towards recent highs around 1,430 U.S. dollars," CMC Markets' chief market strategist Michael McCarthy said.

"Energy markets retained their 'most volatile' status with a 4.5 percent jump in crude oil prices.

"Base metals echoed the market shift, and aluminium and copper traded 1.5 percent to 2 percent higher on global exchanges."

Meanwhile the banks were trending lower while consumer stocks and industrials sank.

In the financial space, Australia's big banks were mostly lower with the Commonwealth Bank down (0.04 percent), ANZ down (0.58 percent) and Westpac Bank down (0.07 percent), however the National Australia Bank was up (0.19 percent).

Mining stocks were mixed with Rio Tinto up (0.76 percent), Fortescue Metals down (0.06 percent), BHP up (0.39 percent) and goldminer Newcrest up (2.51 percent).

The country's oil and gas producers rallied with Oil Search up (2.09 percent), Santos up (1.61 percent), and Woodside Petroleum up (0.78 percent).

Australia's largest supermarkets sank with Coles down (0.61 percent), and Woolworths down (1.16 percent).

Meanwhile telecommunications giant Telstra bounced (0.52 percent), the national carrier Qantas lost altitude (0.60 percent) and biomedical firm CSL rallied (0.51 percent).