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Home / International Markets / Australian stocks start positively, S&P surges 12.6pts, All Ordinaries adds 0.22%
Australian stocks start positively, S&P surges 12.6pts, All Ordinaries adds 0.22%

Australian stocks start positively, S&P surges 12.6pts, All Ordinaries adds 0.22%

SYDNEY: The Australian stocks edged higher in early morning as mining and energy stocks improved ground from earlier sessions, and shareholders looked-for the result of a US Federal Reserve policy-setting meeting.
At the 10.15am (AEDT) official market open, the benchmark S&P/ASX200 index rose 12.6 points, or 0.24 per cent, to 5,164.9 points, while the broader All Ordinaries index added 11.2 points, or 0.22 per cent, to 5,142.2 points.
IG market strategist Stan Shamu said there would likely be some cautious trading ahead of the Federal Reserve meeting, while falls for iron ore, gold and oil prices remain a concern.
“Focus now switches to the FOMC meeting which has been pinned as a pivotal one,” he said.
“While the US economy has been progressing significantly, the challenge will be how to proceed given the backdrop of turmoil in the rest of the world.”
Energy stocks led the market higher, rebounding after a string of horror sessions, to gain 1.87 per cent.
Santos was among the biggest gainers, adding 2.61 per cent to $7.46, while Woodside Petroleum gained 1.89 per cent to $35.11.
Oil Search rose 1.35 per cent to $7.155, while Beach Energy lost 1.1 per cent to 90c.
Materials gained 0.52 per cent.
BHP Billiton rose 0.77 per cent to $27.63, while rival Rio Tinto lifted 1.37 per cent to $53.37.
Financial stocks lifted 0.30 per cent as a sector.
ANZ lifted 0.03 per cent to $30.75, while Commonwealth Bank rallied 0.38 per cent to $81.26.
National Australia Bank added 0.13 per cent to $31.54 while Westpac rallied 0.38 per cent to $31.69.
Consumer staples added 0.08 per cent as a sector.
Woolworths added 0.21 per cent to $29.26, while Wesfarmers lost 0.1 per cent to $40.33.
Meanwhile, Telstra rose 0.35 per cent to $5.74 and Qantas fell 2.77 per cent to $2.285.
Locally, in economic news on Wednesday, the Australian Bureau of Statistics releases international merchandise imports for November, the Westpac-Melbourne Institute Leading Indexes of Economic Activity is due out and the HIA trades report is also on tap.