PERTH: The Australian sharemarket pushed half a per cent higher at the open on the back of strong lifts in key commodity prices and upbeat Wall Street leads, potentially paving the way for another charge toward the elusive 6,000 mark this week,
At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index was up 32 points, or 0.54 per cent, at 5,965.3 points, while the broader All Ordinaries index was up 30.2 points, or 0.51 per cent, to 5,937 points.
CMC chief market analyst Ric Spooner said another sharp jump in iron ore prices supported by a better than expected profit reporting season in the US would boost the local market during the session.
“The momentum behind the rally in iron ore prices over recent days appears to have surprised the market,” he said.
“Time will tell whether this transpires to be a temporary short covering rally or something more significant.”
Mr Spooner added that the question of whether or not the ASX 200 can get convincingly clear of the 6,000 resistance is now the key feature of the charting landscape.
“Support for the banks is likely to be required to propel the ASX 200 convincingly past the 6,000 mark,” he said.
