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The market has rebounded after incurring early losses. Picture: Lincoln Baker/The West Australian.
The market has rebounded after incurring early losses. Picture: Lincoln Baker/The West Australian.

UPDATE 11.55am: The Australian sharemarket has recovered most of its early losses sparked by the fallout from an air disaster over Ukraine in which a Malaysian Airlines passenger jet was shot out of the sky killing nearly 300 passengers.

The market gave up nearly one per cent at the open following on from a strongly negative lead from overseas markets overnight, but buyers moved in shortly after and the bourse steadily regained lost ground to be down only marginally at noon.

Early fears of a potential widening of the geo-political crisis in Eastern Europe were cooled by reports the action was a case of mistaken identity.

The big miners were broadly lower mid-session with BHP off 20 cents, or 0.52 per cent, to $38.35, Rio Tinto down 50 cents, or 0.77 per cent, to $64.25 and FMG down eight cents, or 1.72 per cent, to $4.58.

However gold miners were enjoying a good day with the gold price spiking to $US1324 an ounce, before sliding back to about $US1316 an ounce.

Newcrest was up 28 cents, or 2.51 per cent, to $11.44 while Northern Star gained 4.5 cents, or 2.6 per cent, to $1.775 and Resolute Mining gained 2.5 cents, or 4.03 per cent, to 64.5 cents.

Among the banks, NAB was up 1.5 cents to $34.01, Westpac lifted 10.5 cents to $33.745 and ANZ gained six cents to $33.27. CBA bucked the trend, losing 21 cents to $81.

Among the retailers, Wesfarmers was up 15.5 cents to $43.445, Woolworths rose 10 cents to $35.94 and Harvey Norman moved up two cents to $3.11.

Among the energy stocks, Woodside was up 10 cents to $35.94 and Santos fell one cent to $14.20.

The Aussie dollar rebounded from earlier losses to be up 0.12 cents to 93.62 US cents at 11.35am.

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