Interpac Business and Migration Solutions Melbourne Australia

(24 Mar 2010)

The Australian stock market has opened higher, with the materials sector leading the way after commodities prices rose during offshore trading.

The benchmark S&P/ASX200 index was up 19.1 points, or 0.39 per cent, at 4893.9 points, while the broader All Ordinaries index had risen 19.7 points, or 0.40 per cent, to 4907.6 points.

Materials rose 0.9 per cent, financials gained 0.5 per cent while industrial stocks fell 0.5 per cent.

Transurban Group shares fell more than 5 per cent in early trading after Australia’s sovereign wealth the Future Fund ended talks with Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan about a potential takeover of the company.

Among the top performers on the S&P/ASX50 were OneSteel, up eight cents, or 2.07 per cent, at $3.94, and Fortescue Metals, which had gained eight cents, or 1.67 per cent, to $4.87.

On commodities markets, crude oil futures contract prices rallied in offshore trade, while gold and silver prices were also firmer.

Copper was weaker. The major banks were firmer. ANZ was up 23 cents at $25.68, CBA had risen 25 cents to $56.95, NAB was 24 cents firmer at $27.60 and Westpac had climbed 24 cents to $27.72.

The spot price of gold in Sydney was $US1102.80 per fine ounce, down $US1.45 from Tuesday’s close of $US1104.25 per fine ounce.

Lihir Gold was down one cent at $3.11, while Newcrest was down one cent at $33.24.Making news on Wednesday, agricultural chemicals firm Nufarm said a tender offer for Nufarm shares from Japan's Sumitomo Chemical Company had received acceptances totalling 5.52 per cent of all Nufarm shares.

Nufarm was up four cents at $8.84.

The most traded stock by volume was Astro Resources, with 42.9 million shares worth $601,044 changing hands. Astro was steady at 1.4 cents.

Overall market turnover was 644.6 million shares worth $1.2 billion, with 431 stocks up, 278 down and 329 unchanged.

(Source from: theAge)