The Australian stock market is advancing on Monday after the record closing highs on Wall Street Friday following upbeat corporate earnings results from financial giants. In addition, higher commodity prices lifted resources stocks.
In late-morning trades, the benchmark S&P/ASX 200 Index is adding 20.30 points or 0.33 percent to 6,090.40, off a high of 6,103.60 earlier. The broader All Ordinaries Index is advancing 21.50 points or 0.35 percent to 6,198.30. Australian shares closed marginally higher on Friday after two days of losses.
The major miners are higher after a jump in iron ore prices. BHP Billiton is rising more than 1 percent, while Rio Tinto and Fortescue Metals are advancing almost 1 percent each.
Gold miners are also gaining on higher gold prices. Newcrest Mining is rising more than 2 percent and Evolution Mining is advancing more than 4 percent.
The big four banks are mostly higher. ANZ Banking is adding 0.5 percent, National Australia Bank is rising 0.2 percent and Commonwealth Bank is higher by 0.1 percent, while Westpac is down 0.1 percent.
Meanwhile, oil stocks are mostly lower despite crude oil prices rising for a sixth day Friday. Oil Search is losing 0.5 percent and Santos is declining 0.3 percent, while Woodside Petroleum is adding 0.5 percent.
Vocus Group has divided the enterprise and wholesale divisions of its Australian business into separate operating segments as part of its transformation program following it's A$1.46 billion full-year loss reported last October. The telecom company's shares are adding 0.6 percent.
In economic news, Australia will see December results for the inflation forecast from TD Securities.
In the currency market, the Australian dollar has regained the US$0.79 level. In early trades, the local unit was quoted at US$0.7916, up from US$0.7879 on Friday.
On Wall Street, stocks closed at new record closing highs on Friday after financial giants JPMorgan Chase, BlackRock and Wells Fargo all reported better than expected quarterly results. Traders also digested some closely watched economic data, including a report from the Commerce Department showing retail sales rose in line with economist estimates in the month of December.
The Dow advanced 228.46 points or 0.9 percent to 25,803.19, the Nasdaq climbed 49.28 points or 0.7 percent to 7,261.06 and the S&P 500 rose 18.68 points or 0.7 percent to 2,786.24.
The major European markets also moved to the upside on Friday. While the French CAC 40 Index climbed by 0.5 percent, the German DAX Index and the U.K.'s FTSE 100 Index rose by 0.3 percent and 0.2 percent, respectively.
Crude oil futures rose Friday, ending the week at the highest level in more than three years. February WTI oil rose $0.50 or 0.8 percent to settle at $64.30 a barrel on the New York Mercantile Exchange.
by RTT Staff Writer
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