The Australian share market has opened higher for a ninth straight day, despite substantial falls among insurers due to the flood and storm crisis on the east coast.
At 1025 AEDT on Tuesday, the benchmark S&P/ASX200 index was up 32.9 points, or 0.68%, at 4,868.1 and the broader All Ordinaries index was up 31.9 points, or 0.66%, at 4,890.8.
On the ASX 24, the March share price index futures contract was three points higher at 4,836 with 8,016 contracts traded.
All sectors of the market opened higher, with the exception of the insurers, as they assess the financial impact of ex-tropical cyclone Oswald in coastal areas of Queensland and NSW.
Suncorp says it has so far received about 4,500 claims, and expects more to come as floodwaters in some parts are yet to peak.
Suncorp shares were down 43 cents, or 3.9%, at $10.48, while Insurance Australia Group was down 14 cents, or 2.9%, at $4.78 and QBE was 25 cents lower, down 2.2%, at $11.34.
Several coal miners in Queensland have also been impacted by the extreme weather, with Yancoal’s production to be reduced for at least three weeks after heavy rain at two of its open cut mines.
Yancoal shares were down half a cent at 92.5 cents.
BHP Billiton was up eight cents at $37.18, Rio Tinto was down 44 cents at $65.62 and Fortescue was eight cents higher at $4.64.
IG Markets strategist Evan Lucas said the local market had advanced every day over the last eight days, and looked set for another positive session.
“Our market has continued to hold its own when regional markets have pushed lower,” he said.
“This adds to the idea that investors are starting to look at the ASX with a bit more excitement rather than the dread we saw over the past three years.
“What we are careful of is a possible pullback. However, that isn’t expected to be today.”
Healthcare stocks were among the best performers, with CSL up $1.405 at $54.455 and Cochlear adding $1.43 to $82.50.
Bank stocks were also stronger, with Westpac up 30 cents at $27.85, Commonwealth up 80 cents at $64.39, National Australia Bank up 11 cents at $27.35 and ANZ 13.5 cents higher at $26.205.
Wall Street provided little direction for local investors on Tuesday, closing mainly slightly lower.
The Dow Jones Industrial Average dropped 14.05 points, or 0.1%, at 13,881.93.
Locally, national turnover was 345.2 million shares worth $768.1 million.
