Gough Whitlam 11/7/1916--7/11 storeAust share market at 11-week high -- FEC

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Date Posted: 03:56:56 07/31/12 Tue
Author: Hit an 11 week high today
Subject:

Gough Whitlam 11/7/1916--7/11 storeAust share market at 11-week high

..Aust share market at 11-week high

AAP – 7 hours ago
........
The Australian sharemarket has risen half a per cent to an 11-week high, driven by resources and financial stocks as investors increase their exposure to risk.

At 1205 AEST on Tuesday, the benchmark S&P/ASX200 index was up 23.1 points, or 0.54 per cent, at 4,268.8, while the broader All Ordinaries index was up 21.9 points, or 0.51 per cent, at 4,288.8.

On the ASX 24, the September share price index futures contract was up 23 points at 4,231, with 12,916 contracts traded.

RBS Morgans client adviser Stephen Pill said the local market hit an 11-week high of 4,266 points at 1030 AEST.

"The main diver of that has been the renewed strength in the banks," Mr Pill said.

There had also been a rotation back into resources stocks, with mining giants Rio Tinto and BHP up around 1.5 per cent.

The upward movement came after Wall Street closed in the red ahead of US Federal Reserve and the European Central Bank (ECB) meetings, which markets hope will result in new stimulatory measures, and US non-farm payroll figures due on Friday.

The Dow Jones Industrial Average drifted down 2.65 points (0.02 per cent) to close at 13,073.01.

Locally, Aquila Resources shares rose 14 cents, or seven per cent, to $2.16 after news the environmental authority recommended the West Australian government approve the proposed port for its $6 billion Pilbara iron ore project.

Shares in kitchen appliance maker Breville Group rose six cents to $4.76 after it said it expected full year earnings to grow by up to 40 per cent.

The big miners and three of the four major banks were higher.

BHP Billiton was up 48 cents to $32.11 and Rio Tinto was 75 cents higher at $53.05.

ANZ was up one cent to $23.41, National Australia Bank gained 20 cents to $24.81, and Commonwealth Bank was 50 cents higher at $57.70, but Westpac was down 7.5 cents at $23.18.

National turnover was 178 million securities worth $1.3 billion, with 352 stocks up, 338 down and 300 unchanged.

AAP krc/cdh

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