News from AAP

Resources gains lift market into green

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The Australian market has started the session on a positive note, led by gains in the resources space.

OptionsXpress market analyst Ben Le Brun said the materials and energy sectors were the best performers.

“That’s unsurprising given we had a weaker US dollar overnight and a slight uptick in commodity prices, including oil,” he said.

Global miner BHP Billiton lifted 32 cents to $31.32, but Rio Tinto lost 27 cents to $57.94, while Fortescue Metals rose one cent to $1.99.

Woodside Petroleum gained five cents to $35.58, Santos also rose five cents to $7.34 and explorer Oil Search added three cents to $7.75.

Mr Le Brun said the telcos were also starting the day reasonably well on the back of TPG Telecom’s strong earnings numbers.

TPG jumped 34 cents, or 3.9 per cent, to $9.17 after it lifted its earnings guidance and posted an 18 per cent jump in interim net profit.

Mr Le Brun said investors would also have an eye on Chinese manufacturing data due to be delivered around lunchtime on Tuesday.

“A goal for the market would probably be to at least hang on to some green on screens by the end of the day,” he said.

Among the major banks, Commonwealth Bank added three cents to $95.51, while Westpac retreated four cents to $39.52, National Australia Bank shed 18 cents at $39.00, and ANZ lost 13 cents to $36.67.

Kathmandu plunged 10.5 cents, or 6.7 per cent, to $1.465 after the outdoor equipment retailer swung to a first half net loss of $1.75 million amid weak discretionary spending.

And New Hope Coal was two cents higher at $2.50 after the Queensland resources group slumped to a $23.1 million first half net loss due to write-downs of its oil and gas assets.

KEY FACTS

* At 1030 AEDT on Tuesday, the benchmark S&P/ASX200 index was up 5.2 points, or 0.09 per cent, at 5,961.3 points.

* The broader All Ordinaries index was up 5.9 points, or 0.1 per cent, at 5,926.9 points.

* The June share price index futures contract was up six points at 5,963 points, with 6,415 contracts traded.

* National turnover was 462 million securities worth $765 million.