Australian shares are higher as stronger commodity prices boost the resources sector.
Even the suspension of port operations at Port Hedland, due to cyclone Christine’s path towards the Pilbara coast, could not dent enthusiasm for mining shares among local investors.
“Despite temporary disruption to iron ore shipments from the Pilbara, holiday season traders will be encouraged by ongoing gains in base metals and oil as we head into a new year in which world economic growth is expected to improve,” CMC Markets analyst Ric Spooner said.
BHP Billiton was up 37 cents at $37.92, Rio Tinto was up 59 cents at $67.95 and Fortescue Metals was 9.5 cents at $5.835.
Among the smaller miners, copper and gold producer PanAust was up seven cents at $1.745, gold miner and explorer Perseus Mining was up 1.25 cents at 26.25 cents and Alumina was 3.25 cents higher at $1.0875.
Healthcare stocks were higher, with Cochlear up 97 cents at $59.08 and CSL 37 cents higher at $68.77.
Among the big banks, Commonwealth Bank had gained 25.5 cents to $77.565, Westpac had added 15 cents at $32.24, National Australia Bank was up 4.5 cents at $34.745 and ANZ had found 4.5 cents at $32.205.
As the holiday sales continue, Myer was up 3.5 cents at $2.775, Harvey Norman was up four cents at $3.18, but David Jones was down one cent to $3.00.
KEY FACTS
* On Monday at 1223 AEDT, the benchmark S&P/ASX200 index was up 23.5 points, or 0.44 per cent, at 5,347.6 points.
* The broader All Ordinaries index was up 24.1 points, or 0.45 per cent, at 5,347.9 points.
* The March share price index futures contract was 10 points higher at 5,324 points, with 7,078 contracts traded.
* National turnover was 586 million securities worth $767 million.
