Share market stages early New Year rally ABC Updated January 3, 2012, 5:18 pm

Share market stages early New Year rally
ABC Updated January 3, 2012, 5:18 pm
2 Comments

*
* tweet0
* Email
* Print

The Australian share market is in positive territory on the first day of trade for the year following strong leads from European markets overnight.

Wall Street and most Asian markets were closed for the New Year's Holiday yesterday, but Germany's DAX index closed 3 per cent higher and the CAC in France gained 2 per cent.

Better-than-expected official manufacturing data from Germany and China boosted investor confidence in Europe and local investors were following suit, shaking off the gloom that saw the major indices finish the year with a dismal close.

At 11:15am (AEDT) the benchmark ASX 200 was 1 per cent higher at 4,096 and the All Ordinaries Index was up 0.9 per cent at 4,149.

Materials and finance stocks were leading the gains, with 146 shares on the benchmark index rising.

Gold miners were clawing back some of last week's losses as the price of spot gold makes a slight recovery; Newcrest Mining has risen by 2.5 per cent.

And mining heavyweight BHP Billiton was up 1.6 per cent, with Rio Tinto 2.1 per cent stronger.

The struggling retailers were yet to join the party; Harvey Norman was down 2.2 per cent, David Jones has given up 0.8 per cent and Myer was flat, but JB Hi-Fi has risen 1.5 per cent.

The big banks all were beating the market in early trade, with NAB seeing the strongest gains of 2 per cent.

The Australian dollar continues its record climb against the euro and remains strong against most other major currencies.

It was buying 102.6 US cents, 79 Japanese yen, 79.3 euro cents, 66.1 British pence and $NZ1.31.

On commodity markets Tapis crude oil was worth $US117.51 a barrel and West Texas Crude oil has edged back above the $US100 mark, buying $US100.37 a barrel.
Spot gold was buying $US1,575.13 an ounce.
2 Comments

*
* tweet0
* Email
* Print

Sponsored Links
Australian Stock Report

www.AustralianStockReport.com.au

Our Team will show you which Stocks to Buy & Sell Everyday - Free Trial
Aus Dollar Exchange Rates

www.TorFX.com/Australia

Excellent Pound Exchange Rates Free Transfers, No Fees. Get Quote!
Two Transfers Fee Free

www.OzForex.com.au

Great Rates on International Money Transfers. Low Fees. Big Savings.
Inflation Is Coming

www.ifii.com/Hyperinflation

The World's Financial System Is Crumbling. Here's The Worst-Case.

Show:
Oldest First

Newest First
Top Rated
Most Replies

2 Comments
Post your comment

1.
0Thumbs UpThumbs Down0
X2 hours, 3 minutes agoReport Abuse

Then comes bad news from Europe & it's back to square #1.
Reply
2.
0Thumbs UpThumbs Down0
Win57 minutes agoReport Abuse

Spot Gold price will be up and there is a hope for gold miners.
Reply

Post a comment
Do you have a Yahoo! ID? Sign in | Sign up