The share market is in positive territory, but finding resistance against any sizeable gains.
Despite a strong lead from US and European markets, higher iron ore prices and speculation that global miner BHP Billiton is considering demerging some assets, the market was only slightly higher at noon.
“We’ve run into some resistance around the 5,400 points level,” OptionsXpress market analyst Ben Le Brun said.
Investors may be waiting to see if China will take measures to stimulate its economy, which would provide a catalyst for the Australian share market to move higher, he said.
Monthly building approval figures for Australia, released on Wednesday, were disappointing but affected the Australian dollar more than the share market, Mr Le Brun said.
Approvals for the construction of new homes fell 5.0 per cent in February.
BHP Billiton was up 35 cents at $37.40, Rio Tinto had added 45 cents at $64.30, and Fortescue Metals was 11 cents higher at $5.42.
The major banks were mostly higher. National Australia Bank was up eight cents at $35.50, Westpac had put on three cents at $34.62, ANZ had firmed seven cents at $33.14, while Commonwealth Bank was down 18 cents at $76.95.
Among other stocks, Goodman Fielder, Australasia’s biggest food company, had plunged 11.75 cents, or 19.3 per cent, to 49.25 cents after it said annual earnings would miss expectations by up to 15 per cent.
KEY FACTS
* At 1205 AEDT on Wednesday, the benchmark S&P/ASX200 index was up 13.9 points, or 0.26 per cent, at 5,403.1 points.
* The broader All Ordinaries index was up 13 points, or 0.24 per cent, at 5,407.9 points.
* The June share price index futures contract was 11 points higher at 5,394 points, with 12,692 contracts traded.
* National turnover was 560 million securities worth $1.29 billion.
