Aust stocks open higher

Local market posts slight gains in early trade on election result, US jobs data.

The Australian stock market opened slightly higher on the first day of trading following the coalition's victory in the federal election.

At the 1015 AEST official market open, the benchmark S&P/ASX200 index was 0.24% higher at 5,157.5 points, while the broader All Ordinaries index lifted 0.25% to 5,157 points.

The market was also digesting disappointing US jobs data, which prompted little change on Wall Street at the end of last week.

The US Labor Department said the world's biggest economy added 169,000 jobs in August, below analyst projections of 177,000. The report also lowered the estimates for jobs added in June and July.

Financials were widely stronger.

Commonwealth Bank added 0.52% to $73.54, while ANZ Banking Group lifted 0.07% to $29.71.

National Australia Bank added up 0.49% to $32.93, while Westpac Banking Corporation lifted 0.54% to $31.81.

Investment bank Macquarie Group rose 0.5% to $46.40.

In the insurance sector, QBE rose 0.85% to $15.46, Insurance Australia Group lost 0.18% to $5.54 and Suncorp added 1.51% to $12.76.

Materials were mostly higher, with the major miners both in the black.

BHP Billiton rose 0.94% to $35.94, while Rio Tinto added 0.92% to $61.09.

Fortescue Metals was 0.66% higher at $4.57.

Whitehaven Coal put on 0.94% to $2.14 and Newcrest rallied 2.27% to $13.09.

In the energy sector, Santos fell 0.37% to $14.905, Oil Search added 1.07% to $8.49 and Woodside retreated 0.15% to $39.16.

The retail sector was mixed.

Wesfarmers was flat at $40.40, while Woolworths lost 1.82% to $34.59.

Myer slipped 0.18% to $2.855 while rival David Jones added 0.7% to $2.86.

Harvey Norman lifted 0.16% to $3.095 and JB Hi-Fi was flat at $19.51.

In media, Fairfax Media lifted 0.45% to 55.25 cents, while 21st Century Fox inched up 0.03% to $34.83.

Ten Network rose 2.34% to 32.75 cents.

Southern Cross Media added 0.28% to $1.785, while Seven West lifted 1.71% to $2.38.

Meanwhile, Qantas added 2.08% to $1.3475, while Telstra lifted 0.42% to $4.82.

In economic news on Monday, the Australian Bureau of Statistics (ABS) releases housing finance data for July, the ANZ releases its job advertisements series for month just ended and the Rabobank Rural Confidence Survey is due out.

No major equities news is expected.

In Australia, the market on Friday closed flat as investors sit on their hands ahead of Saturday's federal election.

The benchmark S&P/ASX200 index was up 2.5 points, or 0.05%, at 5,145.

The broader All Ordinaries index was up 5.6 points, or 0.11%, at 5,144.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles