Optimism tipped to lift market
Optimism tipped to lift market

Australian shares opened slightly higher following gains on Wall Street and Europe.

At 8.16am, the benchmark S&P/ASX200 index was up 12.1 points, or 0.28 per cent, at 4303.7, while the broader All Ordinaries index was up 12.4 points, or 0.29 per cent, at 4323.8.

On the ASX 24, the September share price index futures contract was 14 points higher at 4263, with 6803 contracts traded.

RBS Morgans private client adviser Craig Walker said the local market opened strongly following strong leads from the US.

“The market’s just continuing its rally which we’ve seen for the last two days,” he said.

“Expectations that both European and US central banks would stimulate their economies has been driving the market for the last few days.”

US stocks rallied for a third straight day, buoyed by hopes for more stimulus from the Federal Reserve and the European Central Bank to boost weak economies.

The Dow Jones Industrial Average finished up 51.09 points, or 0.39 per cent, at 13,168.60.

London’s benchmark FTSE 100 index of top companies added 0.56 per cent to close Tuesday at 5841.24 points even as charges against Standard Chartered bank weighed heavily on its shares.

In economic news on Wednesday, the Australian Bureau of Statistics is due to release June’s housing finance figures.

In equities news, Qantas chief executive Alan Joyce is scheduled to address the American Chamber of Commerce in Australia lunch in Sydney.

Shareholder services group Computershare’s shares rose by 25 cents to $7.79 after it announced that its full year profit has fallen 41 per cent because of weak corporate activity.

BHP Billiton was 19 cents higher to $32.35, Fortescue was 7.5 cents up to $4.47 and Rio Tinto was 30 cents higher to $55.15.

Westpac was four cents up to $23.71, ANZ was 5.5 cents higher at $23.71, National Australia Bank gained six cents to $25.36 and Commonwealth Bank was up 39 cents to $57.21.

National turnover was 157 million million shares worth $308 million, with 298 up, 139 down and 213 unchanged.

The West Australian

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