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Home / International Markets / Australian stocks 1.2% higher by break, S&P 200 up 86.6pts, All Ordinaries rises 1.64pc
Australian stocks 1.2% higher by break, S&P 200 up 86.6pts, All Ordinaries rises 1.64pc

Australian stocks 1.2% higher by break, S&P 200 up 86.6pts, All Ordinaries rises 1.64pc

SYDNEY: Australian stocks edged 1.2 percent higher at noon as raising energy and mining sectors unfazed by more decline in commodities cost.
A fresh five-year low struck by the iron ore price overnight did little to dent gains in major mining stocks, which helped dragged the market into stronger territory.
At 12.10pm (AEDT), the benchmark S&P/ASX200 index was up 86.6 points, or 1.68 per cent, at 5248.5 points, while the broader All Ordinaries index rose 83 points, or 1.64 per cent, to 5223.6.
CMC chief market strategist Michael McCarthy said a benign statement from the US Federal Reserve’s Open Market Committee and steadying commodity markets drove investors back into shares overnight, with Wall Street adding almost 2 per cent.
“A calmer, stronger rouble helped offset European growth fears, highlighted in the overnight session by further declines in inflation,” he said.
“Precious metals remain under pressure, but industrial commodities rallied, with copper and oil posting modest gains. This may be enough to bring further support for Australian resource shares today.”
FED: ‘Patient’ about rate hike
In local economic news, NAB and ANZ both held their annual meetings, where they told their respective shareholders that they tipped challenging global economic conditions in the year ahead, particularly in Japan and the eurozone.
In equities news, Boral and CSR were given permission by the consumer watchdog to proceed with their clay brick joint venture, Boral shares lifted 1.29 per cent to $5.085 and CSR rallied 2.84 per cent to $3.62.
Flight Centre shares plunged 9.36 per cent to $31.76 after it downgraded its full year profit guidance on the back of slow leisure travel sales.
Rare Earth miner Lynas lifted 4.08 per cent to 5.1 cents after naming a new non-executive director and new non-executive chairman.
Dulux Group lifted 2.45 per cent to 5.86 after it said for the first two months of this year, revenue was ahead of the same time last year.
But energy stocks were the brightest spot on the market, gaining 3.91 per cent.
Santos added 6.07 per cent to $8.04, while Woodside Petroleum rose 2.9 per cent to $36.53.
Oil Search gained 5.07 per cent to $7.67, while Beach Energy surged 3.78 per cent to 96c.