Shares extend gains in morning trade
The share market has extended its early gains due to well-received earnings and sales updates from some of the country's largest companies.
Despite a fall in its annual profit, the performance of National Australia Bank's domestic operations pleased investors, and also boosted shares in its rivals.
Insurance Australia Group said it was on track to meet its forecasts after a strong first quarter of the financial year, giving the insurance sector a boost.
Coles owner Wesfarmers said it continues to achieve sales growth in most of its retail businesses, and that lifted shares in the two supermarket giants.
Head of trading at Quay Equities Tristan K'Nell said local news overshadowed the announcement of an end to the US Federal Reserve's quantitative easing stimulus program.
"The market made good gains from around 11am, with the market shrugging off a weak US lead where the Fed Reserve didn't make any surprises," he said.
National Australia Bank shares were up 27 cents at $34.65, Commonwealth Bank was up 47 cents at $80.05, Westpac had gained 35 cents to $34.52 and ANZ was 31 cents higher at $33.24.
Among the insurers, IAG was up 16 cents at $6.45, AMP had added 10 cents to $5.75, Suncorp had lifted 16 cents to $14.48 and QBE was 13 cents higher at $11.43.
Coles-owner Wesfarmers was up 54 cents at $43.89 and Woolworths was 27 cents higher at $35.77.
Lower commodity prices weighed on the resources sector, with BHP Billiton down 18 cents at $33.60, Rio Tinto losing 46 cents at $59.19 and Fortescue Metals was 4.5 cents weaker at $3.405.
KEY FACTS
At 1220 AEDT on Thursday, the benchmark S&P/ASX200 index was up 26.3 points, or 0.48 per cent, at 5,474 points.
The broader All Ordinaries index was up 24.1 points, or 0.44 per cent, at 5,455.2 points.
The December share price index futures contract was up 24 points at 5,453 points, with 12,327 contracts traded.
National turnover was 1.01 billion securities worth $2.3 billion.
