Share market bullish in early trade

On Tuesday 10 January 2012, 12:03 EST

The Australian share market is resurgent in early trade, shedding yesterday's falls and ignoring mixed leads from markets in the United States and Europe overnight.
Shares in Europe dipped after talks between the leaders of Germany and France, while the main US indices edged slightly higher as aluminium giant Alcoa kicked off the profit reporting season there, announcing a quarterly loss but maintaining an optimistic outlook.
At 11:40am (AEDT) the benchmark ASX 200 index was 0.9 per cent higher at 4,140 and the All Ordinaries Index was up 0.8 per cent at 4,195.
Resources, information technology and energy stocks were leading the gains in morning trade.
Alumina, Alcoa's local partner, has jumped 4.6 per cent.
The mining heavyweights were beating the market; Rio Tinto was up 1.8 per cent and BHP Billiton was up 1.2 per cent.
A takeover bid from a US private equity firm for clothing maker Pacific Brands saw its share price jump as much as 20 per cent to a high of 67 cents before settling back to 64 cents or a gain of 14.3 per cent.
It was the top performer on the benchmark index thus far and has helped to boost other struggling retail shares; David Jones was up 1.3 per cent, Myer was 0.5 per cent higher, JB Hi-Fi has gained 1 per cent and Harvey Norman was up 0.8 per cent.
The big banks were all stronger, with NAB up 1.3 per cent.
The Australian dollar was rising against its US counterpart and was buying 102.7 US cents, 78.9 Japanese yen, 80.4 euro cents, 66.4 British pence and $NZ1.30.
In Singapore Tapis crude oil closed at $US122.70 a barrel overnight and West Texas Crude oil was worth $US101.54 a barrel.
Spot gold was rising, buying $US1,613.48 an ounce.Â

4 comments

0 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 0 users disliked this comment
Darren 9 minutes ago Report Abuse
Bullish? HAHAHA. The stock market is OVER. It's been leveraged beyond saving and the crooks that dabble in it (the ones who use your pension to bet and consistently LOSE) will be facing the full wrath of the public they're completely ripped off. Take a look at the MF Global scandal STILL unfolding in the US or how Portugal has emptied it's public pension funds to pay back criminal loan sharks like the IMF. Natural justice will prevail and the truth will out.
Reply
1 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 0 users disliked this comment
Greg 1 hour ago Report Abuse
Over it.........my Super has dropped again..........what is a white woman to do???????????????
Replies (1)
0 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 3 users disliked this comment
Wicked Wiz of the West 1 hour ago Report Abuse
Hi Jo-Anne
Message recieved, reply sent :-)
Work to be done.
Replies (3)
1 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 0 users disliked this comment
Diem 2 hours ago Report Abuse
The higher you go wirhout a parashoot the harder you drop ...
Reply