CANBERRA: The Australian sharemarket edged higher in midday trade, with stronger oil and iron ore prices driving the gains. The benchmark S&P/ASX200 was up 0.75 per cent at noon, with investors following the positive lead from Wall Street and the strength in global markets. A nearly two per cent jump in oil prices on expectations of an extension of the current supply cuts by the world’s major exporting nations bolstered energy shares, with Woodside and Santos up more than 1.5 per cent, while Origin Energy jumped four per cent.
Stronger base metals and iron ore prices also helped the miners, with Rio Tinto and Fortescue gaining more than three per cent, while rival BHP Billiton added nearly two per cent. Three of the big four banks were higher even as Westpac outlined a $260 million annual cost from the federal government’s proposed new bank levy. Meanwhile, the Australian dollar was slightly higher at US74.41 cents, thanks to stronger commodity prices.
