Share market rebounds from early dip

The Australian share market has rebounded after a dip in early trade.

The market was initially dragged down by losses in mining shares, after reaching a 17-month high yesterday.

However, a rebound in some of the key commodity stocks has seen the market climb back into positive territory.

The All Ordinaries Index was up 0.2 per cent to 4,641 by 12:20pm (AEDT), after earlier being down by a similar amount.

The ASX 200 had also gained 0.2 per cent to 4,629.

BHP Billiton had lost 0.7 per cent and Rio Tinto was down 1.3 per cent in the first hour of trade, but BHP was 0.1 per cent higher by the middle of the day, and Rio was down just 0.4 per cent.

Gold and copper miner Oz Minerals was up 2 per cent today to $6.85 after falling nearly 10 per cent yesterday on speculation about a production and profit downgrade, which the company confirmed today.

Qantas shares were up 0.3 per cent after the competition regulator gave draft approval to its alliance with Emirates.

The Australian dollar was buying 104.73 US cents.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    0.9276-0.0011-0.12%
    AUDUSD=X
    0.5524-0.001-0.18%
    AUDGBP=X
    0.6704-0.0017-0.25%
    AUDEUR=X
  • Commodities
    Commodities
    NamePriceChange% Chg