SYDNEY: The Australian sharemarket pushed more than 1 per cent higher at the open, as an upbeat first-half result from ANZ buoyed financial stocks and an overnight rally in the iron ore price provided some relief for miners.
At the 10.15am (AEST) official market open, the benchmark S & P/ASX200 index added 61.5 points, or 1.06 per cent, to 5889 points, while the broader All Ordinaries index was up 58 points, or 1 per cent, at 5873.9 points.
CMC chief market strategist Michael McCarthy said local trading will be dominated by domestic factors today, as analysts pore over this morning’s interim result from ANZ and await the RBA’s interest rate decision this afternoon.
“Share and interest rate markets are now pricing a high probability of an RBA cut, meaning the most likely spur for a market move would be no change in rates,” he said.
“Curiously, the Australian dollar is rising, possibly indicating the currency markets are oversold.
