The Australian share market is trading about 0.4 per cent higher as investors turn their attention from Cyprus to the United States.
Lonsec senior client adviser Michael Heffernan said the Australian market was looking pretty good after a poor day on Tuesday when all attention was on the possible ramifications of the Cyprus bailout deal.
“The important thing (for the Australian market on Wednesday) was what happened in the US market overnight,” Mr Heffernan said.
On Wall Street in the US on Tuesday, the Dow Jones Industrial Average jumped 111.90 points, or 0.77 per cent, to a new record of 14,559.65 points.
Rising home prices and orders for manufactured goods pushed up stocks.
“The American market was pretty good on the back of durable goods orders and home sales,” Mr Heffernan said.
European markets also firmed as investors gained confidence in the bailout plan arranged for Cyprus and its banking system.
On the Australian market at noon, in the resources sector, global miner BHP Billiton was up 23 cents at $33.15, and Rio Tinto gained 66 cents to $57.59.
National carrier Qantas was up 2.5 cents at $1.745 after it received final approval from the competition watchdog for its global partnership with Dubai-based airline Emirates.
Airline Virgin Australia added 0.25 cents to 40.25 cents, after the High Court of Singapore gave its blessing to Virgin Australia’s takeover of regional carrier Skywest.
Global insurer QBE lifted 42 cents to $13.36 as it said it was on track to meet its financial targets this year as it embarks on a major transformation plan.
Agricultural chemicals supplier Nufarm was in a trading halt pending an announcement about the company’s half-year financial results and the outlook for the full year. Nufarm last traded at $4.77.
KEY FACTS
* At 1203 AEDT on Wednesday, the benchmark S&P/ASX200 index was up 21.2 points, or 0.43 per cent, at 4,971.4 points.
* The broader All Ordinaries index was up 20.1 points, or 0.4 per cent, at 4,984.8 points.
* The June share price index futures contract was up 20 points at 4,976 points, with 13,313 contracts traded.
* National turnover was 688.3 million securities worth $1.24 billion.
