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Wall Street
[United States]
Posted on : Nov 13, 2005
The Australian share market
opened higher today, following a strong lead from Wall Street.

The local bourse also received a boost from the big mining stocks, which were
benefiting from record metal prices.

The market is now at a six-week high, 1.79 per cent off the record high of
4679.1 achieved on 30 September.

At 10.19am the S&P/ASX200 was 19.3 points higher at 4593.6 while the all
ordinaries climbed 18.5 points to 4535.3.

On the Sydney Futures Exchange, the December share price index contract gained
14 points to 4597 on a volume of 2737 contracts.

In the US on Friday, stocks ended the week on a strong note with the Dow Jones
industrial average closing at a three-month high after General Motors Corp's
unionised workers ratified a deal to cut healthcare costs.

The news helped ease worries about the financial prospects of the world's
largest auto maker.

The blue-chip Dow Jones closed 45.94 points higher at 10,686.04, the broad
Standard & Poor's 500 Index was up 3.76 points at 1234.72 and the
technology-laced Nasdaq Composite Index rose 5.79 points to 2202.47.

ABN Amro Morgans director of equities Bill Chatterton said the Australian market
was following the US lead.

"The US was up about 0.43 per cent on Friday and at the moment we are up 0.42
per cent, so we are completely in line with them," he said.

"We also had some improvements in base metals and that has kicked through to the
big mining stocks."

At 10.33am, the resources sector was higher across the board.

BHP Billiton gained 33¢ to $21.45 and Rio Tinto firmed 99¢ to $60.70. Alumina
put on 7¢ to $6.32.

However, the lower oil price continued to weigh on energy stocks.

Oil Search shed 6¢ to $3.15 and Woodside gave up 11¢ to $31.69.

Bucking the trend was Santos, which added 4¢ to $11.12.

The big banks were also broadly lower.

Westpac lost 7¢ to $22.38, NAB fell 3¢ to $32.75 and ANZ scraped off 1¢ to
$23.34.

Commonwealth Bank rose 5¢ to $41.05.

In the media sector, News Corp improved 13¢ to $21.23 while its preferred scrip
advanced 15¢ to $20.39.

PBL grew 7¢ to $16.77. Fairfax was steady at $4.08.

Among other blue chips at 10.47am, telco Telstra rose 3¢ to $4.34 ahead of the
release of its strategic review tomorrow, while Optus owner Singapore
Telecommunications was up 1.5¢ to $1.93.

Airline Qantas edged up 1¢ to $3.67 and rival Virgin Blue gained 4¢ to $1.59.

Retailer Coles Myer inched down 2¢ to $9.93 while supermarket competitor
Woolworths firmed 15¢ to $17.28.

Elsewhere, Macquarie Bank shares were 83¢ higher to $70.83.

Macquarie Bank has found a partner for its potential multi-billion dollar bid
for the London Stock Exchange in the form of investment banking giant Goldman
Sachs.

At 10.48am the spot price of gold was $US467.75 per ounce, up $US1.875 on
Friday's close.

Gold miner Newcrest Mining rose 50¢ to $19.60 and Newmont was up 10¢ to $6.

At 10.55am the top traded stock was technology company Multiemedia, with 39.86
million shares traded for a total value of $519,247.

The stock lost 0.1¢ to 1.3¢.

At 10.57am, the market had traded 300.51 million shares worth a total of $713.56
million, with 418 stocks rising, 260 falling and 305 unchanged.
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