The Aussie market opened weaker by roughly six points but managed to turn that around within the first hour of trade. The ASX 200 is just remaining in positive territory around lunch, trading 6 points higher at 6653.
It was an unconvincing lead in from Wall St with markets responding to mixed economic data. US jobs numbers were slightly below expectations for August but Chinese authorities provided more stimulus to its economy as the trade war with the US saw a sharp decline to its trade surplus, falling to US$34.84 billion from $44.61 billion.
Locally, losses for resources were the main drag in early trade with gold miners in particular suffering heavy losses and among the worst performers on the ASX 200 index. Newcrest Mining (NCM) is down 3% while heavyweights BHP Group (BHP) and Rio Tinto (RIO) are both also weaker. However meaningful gains for financials, IT and
utilities have helped lift the market as the big four banks continue to improve for a third session.
In company news, Suncorp Group (SUN) is edging lower as the financial services firm confirmed it had appointed interim CEO Steve Johnston as permanent CEO & Managing Director effective immediately. SUN shares are 0.3 per cent lower
Coca-Cola Amatil is trading higher by 0.75 per cent as the beverages business announced a restructure of its coffee and alcohol division. The business unit will be absorbed into geographic responsibilities with the Australian alcohol and coffee portfolios joining the wider Australian beverages unit. Elsewhere, payments firm, Isignthis (ISX) has jumped 15 per cent after providing a monthly update. Transactional volumes more than doubled, lifting more than 160 per cent and exceeding $1.1 billion.
On the economic front, home lending data for July came in much stronger than what the market was expecting. Home loan values lifted 4.2 per cent compared to expectations of a 1.5 per cent improvement as both investment and owneroccupied lending growing above estimates. The Aussie dollar remains firmer against the greenback buying 68.45 US cents.
So far, 1.3b units have been traded worth $2.1b with 564 stocks higher, 446 weaker and 352 unchanged.
Published by CommSec