CANBERRA:The Australian stocks followed Wall Street in early trade and registered gains, after the Federal Reserve’s commitment to kept interest rates low for a “considerable time”.
A fresh five-year low struck by the iron ore price overnight did little to dent the strength of the major miner stocks in early trade.
At the 10.15am (AEDT) official market open, the benchmark S&P/ASX200 index was up 39.3 points, or 0.76 per cent, at 5,201.2 points, while the broader All Ordinaries index rose 37.3 points, or 0.73 per cent, to 5,178.3.
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.”
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