MID-SESSION REPORT
(12pm AEDT)
The Australian sharemarket at lunch is improving for the third day running and for the ninth time in 12 sessions. The All Ordinaries Index (XAO) is up 0.5 per cent or 21.2 pts to 4583.6. The defensive healthcare and telco sectors are slipping modestly but all other industries are improving, with the miners the standouts.
Last night, signs of progress being made on the U.S fiscal cliff talks helped push commodity prices higher. Of benefit to our resource sector was the fact that China's iron ore imports are close to a 2-year high according to Monday's trade data. BHP Billiton ( BHP ) is up 1.49 per cent while the smaller Rio Tinto ( RIO ) is 1.36 per cent or 83.5 cents higher to $62.11. Australia's third largest iron ore miner, Fortescue Metals (FMG) is 3.83 per cent or 15.5 cents stronger to $4.20, taking the improvements so far this week to 10.95 per cent.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
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