Stocks on the Australian share market are wavering in positive territory after a rise in world oil prices overnight boosted morning trade.
The S&P/ASX200 benchmark index was up 14.2 points, or 0.27 per cent, to 5235.4 points at 1200 AEST on Thursday.
The All Ordinaries index was 17.3 points higher, or 0.38 per cent, to 5,291.1 points.
Both indices fell from being more than 1.0 per cent higher after the first 30 minutes of trade.
There were mixed results across industry sectors as business struggles with restrictions to slow the coronavirus pandemic.
Energy and materials were up by more than a 2.0 per cent average.
In mining, BHP was a consistent performer through morning trade, up 85 cents, or 2.93 per cent to $29.82.
Rio enjoyed a lift of 1.56 cents, or 1.83 per cent, to $86.70.
Fortescue was steadier – ahead by 15 cents, or 1.37 per cent, to $11.10.
ANZ was the only one of the big four banks to be higher. It traded up by 2.0 cents, or 0.12 per cent, to $16.04.
Westpac lost 6.0 cents, or 0.39 per cent, to $15.28, while NAB was down by 8.0 cents, or 0.5 per cent, to $15.82, and Commonwealth Bank fell 32 cents, or 0.54 per cent, to $58.93.
Elsewhere, Santos shares surged by 28 cents, or 7.02 per cent, to $4.27.
The gas producer posted a 13 per cent drop in first-quarter revenue before trading began but says it has sufficient liquidity and debt headroom to weather the recent crude price crash.
Oil Search was doing nicely – higher by 7.5 cents, or 3.11 per cent, to $2.48.
In healthcare, CSL was lower by 1.21 per cent to $309.25.
The economic consequences of the coronavirus pandemic have continued to hit Australian workers hard this morning.
Radio Rentals’ 62 stores will close permanently and 300 workers will lose their jobs, with parent company Thorn Group saying it’s closing them to ensure the group continues to operate.
Shares in the company shot up by 2.9 cents, or 35.8 per cent, to 11 cents.
Meanwhile carsales.com said it had stood down about 250 employees as advertising suffers due to the pandemic.
The world economy remains ravaged by restrictions imposed to slow the spread of the virus, although there was a sign of hope for oil traders overnight.
US crude and benchmark Brent prices climbed after a collapse in the past two days, sending the S&P 500 energy index up 3.6 per cent.
The Australian dollar was buying 63.13 US cents at 1200 AEST, down from 63.31 US cents at Wednesday’s close.