News from AAP

Aussie shares up on strong overseas leads

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The Australian share market is higher, with all sectors except the financials making gains.

Strong leads from Wall Street and European markets overnight had helped bolster the Australian market, OptionsXpress market analyst Ben Le Brun said.

He added that the major miners were up despite a one per cent fall in iron prices overnight because the market had already priced in softer iron ore prices.

“We are seeing good performance across the sectors with the exception of the financials,” Mr Le Brun said.

Among the big miners, BHP Billiton jumped 63 cents, or 1.89 per cent, to $33.95, Rio Tinto added 81 cents, or 1.37 per cent, to $59.84 and Fortescue Metals was 8.5 cents, or 2.54 per cent, higher at $3.435.

However, the banks had “taken a back seat today ahead of the National Australia Bank releasing its full year numbers tomorrow and ANZ and Westpac over the next couple of days” Mr Le Brun said.

Commonwealth Bank declined 31 cents to $79.88, Westpac dropped 49 cents to $34.40, ANZ shed 41 cents to $33.00 and National Australia Bank was down 27 cents at $34.33.

But home loans broker Mortgage Choice added seven cents, or 2.68 per cent, to $2.68 after it reported a strong rise in first quarter loan approvals and expectations of a profit increase this financial year.

Property owner GPT gained 1.5 cents to $4.045 after it upgraded its full year earnings guidance due to increased demand for office spaces.

Private health insurer nib was flat at $3.17 after it re-affirmed that it’s on track to meeting its earlier earnings forecast.

Among the best performers was consumer electronics retailer JB Hi-Fi which added $1.38, or 9.34 per cent, to $16.15 despite announcing softer sales growth.

The major upcoming economic news is the US central bank’s Federal Open Market Committee’s decision on interest rates and an announcement on when it’ll end its tapering of asset purchases, due Thursday morning Australian time.

KEY FACTS

* At 1200 AEDT on Wednesday, the benchmark S&P/ASX200 index was up 14.1 points, or 0.26 per cent, at 5,466.7 points.

* The broader All Ordinaries index was up 15.8 points, or 0.29 per cent, at 5,449.8 points.

* The December share price index futures contract was up three points at 5,451 points, with 10,344 contracts traded.

* National turnover was 651 million securities worth $1.44 billion.