Futures and Commodity Market News

Mon May 12, 2008

Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts

SYDNEY, May 09, 2008 (AsiaPulse via COMTEX) -- The Australian share market opened slightly higher this morning, on the back of a surge in global commodity prices overnight.

The gains in commodities saw mining and energy shares rise on Wall St, while technology shares gained after a top strategist said they were a good value.

Oil prices rose to a third straight closing record high and metal prices advanced as the US dollar fell.

At 1019 AEST, the benchmark S&P/ASX200 index had added 0.5 points, or 0.01 per cent, to 5723.7, and the broader All Ordinaries had gained 2.7 points, or 0.05 per cent, to 5803.6.

On the Sydney Futures exchange, the June share price index added two points to 5,748 on a volume of 6,023 contracts.

The resource stocks were driving the market up this morning. BHP added 85 cents, or 1.89 per cent, to A$45.80 and Rio picked up 80 cents, or 0.55 per cent, to A$146.20.

The big banks had a mixed opening.

National Australia Bank made a good start after announcing it had posted a 25.8 per cent increase in first half net profit.

By 1020 AEST, National Australia Bank had added 61 cents, or 1.97 per cent, to A$31.61, ANZ had risen 15 cents to A$22.32 but Commonwealth Bank had fallen 23 cents to A$43.47 and Westpac was down 15 cents to A$25.54.

The Dow Jones industrial average finished up 52.43 points, or 0.41 per cent, at 12,866.78. The Standard & Poor's 500 Index ended up 5.11 points, or 0.37 per cent, at 1,397.68. The Nasdaq Composite Index gained 12.75 points, or 0.52 per cent, to close at 2,451.24.

(AAP)

(C) 2008 Asia Pulse Pte Ltd

Please read the End User Agreement.
By accessing this page, you agree to the terms and conditions of the End User Agreement.

News provided by COMTEX