Australian Stock Market Trades Modestly Higher

Australian Stock Market Trades Modestly Higher ; The Australian stock market is trading modestly higher on Tuesday with investors indulging in some selective buying despite a flat close on Wall Street overnight. A firm trend in base metal prices is buoying up mining stocks. The mood, however, is slightly cautious ahead of the outcome of the central bank's meeting.

Energy and consumer staples are finding good support. Financial and property trust stocks are trading mixed, while healthcare stocks are a bit weak. The benchmark S&P/ASX 200 index is up 21.4 points or 0.5% at 4,710. The broader All Ordinaries index is trading at 4,800, up 20.6 points or 0.4% over its previous close.

On Monday, the S&P/ASX 200 index closed at 4,688.6, down 5.6 points or 0.1%, while the All Ordinaries index ended at 4,779.4, slightly below the unchanged line.

Among top miners, BHP Billiton, Rio Tinto and Newcrest Mining are up 1%-1.5%, while Fortescue Metals is in negative territory with a loss of 0.5%.

Oz Minerals, Onesteel, Iluka Resources and Incitec Pivot are trading firm, while Orica is down with a marginal loss. Riversdale Mining, which ended with a hefty gain on Monday, is trading lower by about 2.3% now. Energy stocks Woodside Petroleum, Santos, Oil Search and Origin Energy are trading higher by 0.3%-0.8%.

In the banking space, ANZ Bank, Commonwealth Bank of Australia, National Australia Bank and Westpac are up 0.3%-0.7%. Bank of Queensland is up 1.2% and Bendigo & Adelaide Bank is trading lower by about 1%. Macquarie Group shares are up by about 0.5%.

Lynas Corporation, Fairfax Media, Boart Longyear, Challenger and Coca-Cola Amatil are trading notably higher. Downer EDI, Primary Healthcare, Goodman Fielder, Transfield Services and Charter Hall Office are down in negative territory.

Property group Stockland says it has secured land to exclusively deliver a masterplanned community north of Melbourne providing homes for 30,000 people. The Lockerbie site is 1,121 hectares with a total end value of A$4 billion. The stock is up 0.6% over its previous closing price.

On the economic front, construction work in Australia remained weak in November, with new orders registering a further decline and activity falling across all the major sectors, according to a survey. The Australian Industry Group Housing Industry Association Performance of Construction Index fell 1.8 points to 42.2 in November. The PCI survey showed the activity sub-index fell 4.0 points to 38.2.

In the currency market, the Australian dollar opened marginally higher and was quoting around US$0.9907 in early trades, up from Monday's close of US$0.9878. The Australian dollar is currently trading at 0.9876 to the U.S. dollar. For the latest updates PRESS CTR + D or visit Stock Market news Today

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