By RTT News, October 10, 2013, 10:10:00 PM EDT
(RTTNews.com) - The Australian stock market is trading higher on Friday, with investors indulging in some hectic buying across the board, tracking cues from Wall Street where the major averages ended on a high note overnight amid optimism U.S. politicians are moving towards a deal to prevent the country hitting its debt ceiling.
Financial, consumer discretionary, mining, industrial, healthcare and property trusts are mostly up with strong gains.
The benchmark S&P/ASX 200 index, which rose to 5,239.6, is currently trading at 5,226.9, up 79.8 points or 1.6 percent from its previous close. The broader All Ordinaries index is up 78.8 points or 1.5 percent at 5,225, off the day's high of 5,236.6.
Among bank stocks, ANZ Bank, Commonwealth Bank of Australia, National Australia Bank and Westpac (WBK) are up 2 to 2.6 percent. Bendigo & Adelaide Bank up 0.8 percent, while Bank of Queensland is trading weak, losing about 0.4 percent.
Among top miners, BHP Billiton (BHP) is up 1.3 percent, Rio Tinto (RIO) is trading 2 percent higher and Fortescue Metals is up 1.5 percent, while Newcrest Mining is down marginally.
Henderson Group, Qantas Airways, ALS, Arrium, Myer Holdings and James Hardie Industries are trading higher by 3.2 to 4.5 percent.
Challenger, Downer EDI, UGL, Flight Centre, Ramsay Healthcare, Seek, Sims Metal Management, Commonwealth Property Office Fund, Monadelphous Group, Mirvac Group, Bearch Energy and Macquarie Group are all trading higher by 2 to 3 percent.
In the currency market, the Australian dollar opened higher against the U.S. dollar. In early trades, the local unit was quoting at US$0.9463, up 0.6 percent from Thursday's close of US$0.9408.
On Wall Street, stocks moved higher on Thursday amid optimism about an end to the budget deadlock in Washington following the Republican leadership proposing a legislation to temporarily raise the nation's debt limit in order to avoid a default and allow time for negotiations.
The major averages closed at or near their highs for the session. The Dow jumped 323.1 points or 2.2 percent to 15,126.1, the Nasdaq soared 83 points or 2.3 percent to 3,760.8 and the S&P 500 surged up 36.2 points or 2.2 percent to 1,692.6.
Major European markets too ended notably higher. While the U.K.'s FTSE 100 index advanced by 1.5 percent, the German DAX index and the French CAC 40 index jumped by 2 percent and 2.2 percent, respectively.
U.S. crude oil jumped to end higher on Thursday, on supply concerns after developments in Libya and the Organization of the Petroleum Exporting Countries lifting its global oil demand forecast. Crude for November delivery ended up $1.40 or 1.4 percent to close at $103.01 a barrel on the New York Mercantile Exchange, after scaling a high of $103.57 a barrel intraday.
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