Aust stocks lift at noon

Local market rises despite weak Wall St leads on falling consumer confidence

The local market rose at noon despite weaker leads from Wall Street after United States consumer confidence fell in September.

At 1205 AEST, the benchmark S&P/ASX200 index rose 0.75% to 5,273.4 points, while the broader All Ordinaries index added 0.73% to 5,267.7.

In economic news, the Reserve Bank of Australia released its Financial Stability Review, saying the weakening Australian dollar should help revive an anaemic local business sector.

Financials were mostly higher.

Commonwealth Bank rallied 0.25% to $73.08, while ANZ Banking Group rose 0.68% to $31.20.

National Australia Bank rose 1.42% to $35.11 and Westpac Banking Corporation added 0.7% to $32.97.

Investment bank Macquarie Group rose 1.09% to $49.30.

In the insurance sector, QBE rose 0.2% to $14.69, Insurance Australia Group was flat at $5.85 and Suncorp increased 1.38% to $13.21.

Materials were mostly higher.

BHP Billiton lifted 0.49% to $36.045, after warning on commodity prices in its annual review.

Rival Rio Tinto was 0.45% higher at $62.38.

Fortescue Metals rose 3.6% to $4.89.

Whitehaven Coal was one% higher at $2.02 while Newcrest fell 0.17% to $11.89.

In the energy sector, Santos rose 0.99% to $15.25, Oil Search rallied 3.06% to $8.76 and Woodside lifted 0.73% to $38.88.

In Australia, the market on Tuesday fell for a third straight day, thanks to uncertainty about the debt ceiling stand-off in the US Congress.

The benchmark S&P/ASX200 index was down 18.3 points, or 0.35%, at 5,234.2.

The broader All Ordinaries index was down 16.3 points, or 0.31%, at 5,229.5.

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