THE sharemarket rose slightly by early afternoon as gains in the finance sector were offset by weakness in energy and consumer staples.
The benchmark S&P/ASX 200 index rose 8.7 points, or 0.18 per cent, to 4764.40, while the broader All Ordinaries index was up 7.9 points (0.16 per cent) at 4868.80.
On the ASX 24, the March share price index futures contract was nine points higher at 4744, with 11,091 contracts traded.
IG Markets dealer Chris Weston said the banks were helping to hold the market up. “Banks are pulling in the big points,” Mr Weston said.
“That’s being offset by a little bit of weakness in materials, but most of the points are coming out of the (consumer) staples and energy sectors.”
The four major banks were higher – Westpac was up 21 cents (1 per cent) at $22.76, ANZ rose 17c to $23.50,Commonwealth Bank gained 49c to $52.15 and NAB was 16c stronger at $24.49.
Mr Weston said traders were unsure about the materials sector at the moment. “People are lacking a catalyst,” he said. Unsure of further short-term downside to commodities, Mr Weston said, they were probably holding back from these positions.
The major miners were mixed. BHP lost 2c to $44.69, but Rio Tinto was up 42c at $84.80 and Fortescue rose 11c (1.69 per cent) to $6.60.
Energy stocks were lower following a weak lead from Wall Street. Crude oil prices fell on Friday as traders speculated about whether China may impose more restrictions to control the growth of its economy, and looked for more signs that the US economy is headed for better days.
Oil Search was down 4c at $6.74, Santos fell 2c to $13.55 and Woodside Petroleumwas 2c lower at $42.48.
Woolworths was the poorest performing stock on the S&P/ASX 100, its share price down 70c (2.55 per cent) to $26.77. Other consumer staples stocks were mixed. Wesfarmerswas up 2c at $33.64, while Coca-Cola Amatil was down 19c (1.62 per cent) at $11.53 and Metcash was down 3c at $4.25.
Source: www.theaustralian.com.au
