Shares rise on hopes of last minute cliff deal

Stronger iron ore prices are boosting resources stocks, prompting some solid early gains on the Australian share market.

The All Ordinaries Index was up 22 points to 4,684 around 10:50am (AEDT), and the ASX 200 was also about 0.5 per cent higher at 4,670.

Rio Tinto was 1.4 per cent higher and BHP Billiton was up 36 cents to $37.35.

The key Chinese iron ore spot price was up another 3 per cent to $US139.40 a tonne.

Higher gold prices have also pushed Newcrest Mining and Saint Barbara up 1.7 per cent each.

NAB, Westpac and ANZ were all about 0.3 per cent higher, while Commonwealth Bank shares are up 0.1 per cent.

Electronics retailer JB Hi-Fi was up more than 2 per cent, but Westfield Group was down 0.4 per cent.

The Australian dollar was fairly steady this morning - it was buying 103.7 US cents.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    0.9327-0.0005-0.05%
    AUDUSD=X
    0.5555-0.0003-0.05%
    AUDGBP=X
    0.6753-0.0003-0.05%
    AUDEUR=X
  • Commodities
    Commodities
    NamePriceChange% Chg