PERTH: The Australian sharemarket has bounced into positive territory at noon, putting it on track to snap a string of five losses which saw the bourse’s worst week in three years.
At 12.05pm (AEST), the benchmark S&P/ASX200 index was up 20.8 points, or 0.38 per cent, at 5,519.3, while the broader All Ordinaries index added 18.4 points, or 0.33 per cent, at 5,524.9.
After opening marginally lower, the local market rebounded towards noon after a flurry of upbeat economic news.
National Australia Bank’s monthly business survey showed business confidence had hit a nine-month high after the Federal Budget, while business conditions bounced to their best level since October last year.
Meanwhile, the Australian Bureau of Statistics’ housing finance data for April beat economist expectations by a wide margin, defying forecasts of a fall to rise by 1 per cent during the month.
Elsewhere, ANZ job ads figures for May were flat
The energy sector was leading the market higher at noon despite the price of oil dipping on prospects for a breakthrough in upcoming nuclear talks with Iran.
Energy stocks added 1.12per cent collectively.
Oil Search added 0.97 per cent to $7.27 while Santos rallied 1.52 per cent to $8.03.
Woodside Petroleum jumped 1.42 per cent to $35.77, while Beach Energy slipped 0.47 per cent to $1.065.
