PERTH: The Australian stocks remains in pursuit of the elusive 6,000 point threshold as soft mining stocks hold back the benchmark index from crossing the psychological barrier.
At 12.05pm (AEST) the benchmark S&P/ASX200 index was up 12.6 points, or 0.21 per cent, at 5,981, while the broader All Ordinaries index added 13.7 points, or 0.23 per cent, to 5,949.1.
The market powered towards the milestone after the open of trading, with the benchmark index hitting as high as 5,996.4 points, before paring those gains towards midday.
Quay Equities head of trading Tristan K’Nell said the local market had chipped ever so closer to the key psychological level after a strong lead from Wall Street on Friday boosted local sentiment.
But a lower-than-average turnover by noon was contributing to the market sluggishness, Mr K’Nell said, with China’s trade data release this afternoon likely to give the sharemarket direction.
A bounce in the oil price was supporting energy stocks on the local market today, but weakness in the major mining stocks was preventing the local market from reaching higher.
“Uncertainty continued in the resources sector due to the falling iron ore price and the halt to operations from Atlas Iron,” Mr K’Nell said.
Energy stocks led the market higher, adding 1.19 per cent.
Oil Search lifted 2.46 per cent to $7.92.
