Australian market strong after miners gains


Published in the AAP Newswire, July 2015

The Australian share market has opened almost one per cent higher following a rebound by the big miners and a recovery on overseas markets.

The miners on Friday were a major part of the push higher as iron ore prices jumped almost 10 per cent just a day after plunging to a 10-year low.

Wealth Within analyst Janine Cox said the market had shrugged off recent negativity and was also buoyed by better than expected employment figures.

"It's easy for shareholders to get panicky quickly," Ms Cox said.

"The market is trending upward nicely and I wouldn't be surprised to see further rises."

US stocks finished higher overnight, bouncing back from deep losses in the prior session.

Gains were also made in Chinese and European markets, with the main Shanghai index finishing trade almost six per cent higher.

Meanwhile, the latest jobs figures revealed a better than expected 6.0 per cent unemployment rate in June.

At 1015 AEST, BHP Billiton was up 35.5 cents, or 1.37 per cent, at $26.235, while Rio Tinto gained 71 cents, or 1.4 per cent, to $51.60.

Fortescue Metals Group was up two cents, or 1.12 per cent, to $1.805, while Santos had gained 18 cents, or 2.41 per cent, to $7.66.

As for the big four banks, ANZ had gained 17 cents to $32.38, Commonwealth had risen 47 cents to $86.07, National Australia Bank was up 24 cents to $33.37 and Westpac was 36 cents higher at $40.09.


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