The Australian share market is flat, but the mining giants are bucking the trend to open in firmer territory.
CommSec market analyst Steven Daglian said rising commodity prices since the end of last week, on the back of upbeat Chinese trade data, was helping BHP Billiton contribute 11 points to the All Ordinaries index on Monday morning.
“We had base metal prices rising. A lot of the miners have been reacting relatively well,” he said.
“That’s part of the reason you’re seeing major miners come back a bit.”
BHP Billiton rose $1.02, or 2.84 per cent, to $36.96, while Rio Tinto added $1.80, or 2.99 per cent, to $62.05.
The story was different for the big banks, with ANZ shedding 14 cents to $29.09, Commonwealth Bank losing 19 cents to $72.66, Westpac giving up 20 cents to $30.57 and NAB dropping 14 cents to $30.43.
Meanwhile, electronics retailer JB Hi-Fi rose 50 cents, or 2.7 per cent, to $19.02 after reporting an 11 per cent increase in net profit for the 2012/13 financial year to $116.4 million.
Property group GPT also gained, adding 47 cents, or 2.54 per cent, to $18.99 after it announced a 6.7 per cent drop in net profit to $257 million for the six months to June 30, compared with the corresponding period in 2012.
KEY FACTS
* At 1030 AEST on Monday, the benchmark S&P/ASX200 index was down 3.3 points, or 0.07 per cent, at 5,051.9.
* The the broader All Ordinaries index was down 2.6 points, or 0.05 per cent, at 5,036.2.
* The September share price index futures contract was two points lower at 5006 with 6,527 contracts traded.
* National turnover was 259.8 million securities worth $490.0 million.