ASX up 0.3pct at noon despite mining woes
The Australian share market has moved higher in morning trading with all sectors higher except mining and energy.
At noon on Thursday the benchmark S&P/ASX200 index was up 20 points, or 0.3 per cent, to 6,528.5, while the broader All Ordinaries was up 11 points, or 0.16 per cent, to 6,694.2.
But the mining sector was down 2.3 per cent to its lowest level since December as iron ore prices continues to plunge lower on doubts about China's recovery.
Iron ore was trading for US$112 a tonne, down from US$147 a tonne just two weeks ago and also its lowest level since December.
BHP was down 2.6 per cent at $39.97, Rio Tinto had dropped 2.7 per cent to $101.72 and Fortescue had retreated 3.1 per cent to $17.07.
Energy was also down 2.3 per cent on a drop in oil prices as US inventories rose.
Woodside was down 2.8 per cent to $31.07, Santos was 1.9 per cent lower at $7.35 and Beach Energy had fallen 2.6 per cent to $1.6225.
Elsewhere the market however was a sea of green, with property trusts up over two per cent and industrials, consumer discretionary and staples, health care, financials and tech all up collectively up by more than one per cent.
All of the big banks were higher with ANZ up 1.4 per cent at $22.13, NAB rising 1.2 per cent to $27.32, Westpac gaining 1.0 per cent to $19.725 and CBA advancing 0.8 per cent to $90.21.
It's been a good morning for insurance companies with IAG up 4.1 per cent, QBE rising 1.6 per cent and Suncorp up by 1.4 per cent.
Back in the mining sector, Lake Resources dropped another 14.3 per cent to an eight-month low of 72c. The lithium play is down by over half this month following its inclusion in the ASX200, which allowed hedge funds to short the company.
Goldminer St Barbara dropped another 12.4 per cent to 81c, after falling 18.1 per cent on Wednesday after flagging operational issues at two of its mines.
In tech, Pointerra soared 15.6 per cent to 22c after the 3D mapping company announced it two client wins in the US energy sector.
The Australian dollar meanwhile was buying 68.99 US cents, down from 68.98 US cents at Wednesday's close.
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