PERTH: A resurgent power sector dragged the Australian stocks into positive land at noon, as previous year’s trampled oil and coal stocks opened the year on a buoyant note.
At 12.05pm (AEDT), the benchmark S & P/ASX200 index was 14.2 points, or 0.26 per cent, higher at 5,450.1, while the broader All Ordinaries index was up 14.1 points, or 0.26 per cent, at 5,429.1.
Earlier, the market dipped at the open, with the benchmark dropping to an intraday low of 5429.6 points, down 6.3 points, or 0.12 per cent, before recovering towards midday.
Head of trading for QuayEquities, Tristan K’Nell, said the futures markets had been surprisingly lower despite a relatively uneventful Wall Street session, but the local market shrugged off early weakness and was trading steadily into lunch
But with many traders still away on holidays, market turnover was a little below $624 million by midmorning, he said.
Locally, in economic news today, the Australian Industry Group performance of manufacturing (PMI) index for December contracted 3.2 points after a brief bounce the month prior.
“With little else due out on the economic front, and being essentially the first day back, look for the market to drift sideways with a flat finish expected,” Mr K’Nell said.
In Australia, the market on Friday finished its first session for 2015 on a positive note, with gains across all sectors.
The benchmark S & P/ASX200 index was was 24.9 points, or 0.46 per cent, higher at 5,435.9.
The broader All Ordinaries index was up 26.4 points, or 0.49 per cent, at 5,415.0.
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