Australian stocks were higher at noon, despite the failure by the United States to resolve its debt-ceiling stalemate, which dragged Wall Street lower overnight.
At 1200 AEST on Tuesday, the benchmark S&P/ASX200 index was up 30.5 points, or 0.67 per cent, at 4,560.9, while the broader All Ordinaries index rose 29.3 points, or 0.64 per cent, to 4,633.1.
On the ASX 24, the September share price index futures contract was 25 points higher at 4,538 points, on a volume of 19,823 contracts.
IG Markets research analyst Ben Potter said an address by US President Barack Obama on the US debt-ceiling deadlock had failed to register on the local market. The deadlock sent US stocks tumbling overnight.
“Obama didn’t really have much to say apart from the fact that a compromise is going to be needed,” Mr Potter said. “But he didn’t offer any any guidance as to who that may come from or which party that may come from, so the market is fairly neutral.”
Banks and financials all were positive at noon, with Commonwealth Bank up 65 cents, or 1.31 per cent, at $50.19. National Australia Bank was up 25 cents, or 1.02 per cent, at $24.88, ANZ rose 28 cents, or 1.31 per cent, to $21.59, and Westpac added 19 cents to $21.45.
The big miners were in good shape, too, with BHP up 40 cents at $43.46, despite the federal court ruling that a non-union collective agreement covering workers in its Pilbara operations was invalid. Rio Tinto was up 69 cents at $82.75.
Energy stocks also had gained ground. Oil Search Ltd shares were up 18 cents, or 2.67 per cent, at $6.91, after it announced second quarter operating revenue jumped 42 per cent. Woodside Petroleum rose 48 cents, or 1.24 per cent, to $39.33, while Origin Energy added 27 cents, or 1.8 per cent, to $15.23.
The spot price of gold in Sydney was $US1,613.20 per ounce, down $US4.37 from Monday’s local close of $US1,617.57 per ounce.
Newcrest Mining eased five cents to $40.30 at noon, although by 1230 AEST it had dropped 22 cents at $40.13.
Also at noon, Telstra was down two cents at $3.02.
National turnover was 824.7 million shares, worth $1.7 billion, with 490 shares up, 365 down, and 324 were steady.
AAP
