PERTH: The Australian sharemarket has pushed higher at the start of the week, with all sectors bar energy stocks posting a positive performance.
At 12.05pm (AEST), the benchmark S & P/ASX200 added 18.2 points, or 0.34 per cent, to 5374.7, while the broader All Ordinaries rose 16.8 points, or 0.31 per cent, to 5376.8.
IG market analyst Angus Nicholson said with the ASX within touching distance of its January low of 5,260 points, the bourse was looking fairly cheap.
“On a number of metrics, the ASX is even beginning to look increasingly oversold,” Mr Nicholson said.
The local market was seeing broadbased buying at noon, with all sectors moving higher, apart from energy stocks.
All the major banks were making strong gains, aside from the Commonwealth Bank, which ended its trading halt this morning and immediately moved lower.
Commonwealth Bank shares were 0.89 per cent lower at $80.95.
The share price slide pales in comparison to the 7.5 per cent dive in ANZ shares earlier in August after it announced a $3 billion raising.
