PERTH: The Australian sharemarket was over 1 per cent higher at noon, as the weakening Aussie dollar lifted resources stocks.
At 12.05pm (AEST), the benchmark S & P/ASX200 index was up 59.5 points, or 1.05 per cent, at 5724.2, while the broader All Ordinaries index was up 55.7 points, or 0.98 per cent, at 5723.9.
The local market bounced higher off the back of a lower Australian dollar, which weakened after strong US inflation data raised the prospect of a US rate hike in the coming months.
The local currency hit the low US78c range in early trade, boosting resources stocks on the Australian sharemarket at noon.
In local economic news today, the Westpac-Melbourne Institute small business confidence index fell to its lowest point in a year in April, suggesting the federal budget’s small business boost came just in time.
The small business confidence index fell 12.7 per cent to 108.2 points in April from February, the worst result since the quarterly survey started in early 2014.
Meanwhile, The GPS-Melbourne Institute Leading Index of Shareholder Confidence fell by 3.3 per cent in May, reversing a boost in sentiment earlier this year after the Reserve Bank of Australia’s 25 basis point rate cut in February.
Energy stocks led the market higher, adding 1.63 per cent as a sector.
Oil Search gained 1.32 per cent to $7.67.
