Local shares rise despite iron's hammering

The Australian share market is managing modest gains despite iron ore prices slipping by their biggest margin in 13 months overnight.

The All Ordinaries index was up 9 points to 4,774, and the ASX 200 index was also 9 points higher at 4,747 just before 11:00am (AEDT).

Rio Tinto had fallen 1.5 per cent, while main rival BHP Billiton was flat at $36.27.

The smaller iron ore miner Fortescue Metals had shed 1.1 per cent, and Atlas Iron had given back 1.5 per cent.

Supporting gains are the banks, with the exception of Westpac which had lost 0.2 per cent to $26.39.

Shares in Qantas jumped 1.4 per cent after the competition watchdog granted interim approval for its tie-up with Emirates.

Its rival Virgin was up 1.2 per cent.

Telstra had lost 0.7 per cent to $4.45.

The Australian dollar was buying 105.53 US cents.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    0.9280-0.0085-0.91%
    AUDUSD=X
    0.5534-0.0032-0.58%
    AUDGBP=X
    0.6711-0.0073-1.08%
    AUDEUR=X
  • Commodities
    Commodities
    NamePriceChange% Chg