The S&P/ASX 200 opened higher this morning and has built on those gains, now just over 1% or 47 points higher at 4577.
Other Asian markets are experiencing modest gains, with the Nikkei 225 steady at 10054 points, and the Hang Seng up 0.8% at 22482 points.
Other risk assets are up, with the AUD shooting above 1.09 against the USD, whilst gold remains high at $1617 USD an ounce. WTI crude is up slightly at $99.19 USD per barrel.
Movers and Shakers
It’s mainly green across the board, the biggest gains in the energy and IT sectors, with healthcare and consumer stocks falling. The banks are all up 1% or more, with Macquarie (MQG) rebounding from yesterday’s losses, up over 2%
The resource twins BHP and RIO are having a good day, up 1.46% and 1.36% respectively, whilst my preferred offspring – Cochlear (COH) and CSL – are down 0.4% and 0.7% respectively (probably on the strong AUD?)
The big winners amongst ASX200 stocks are Alesco (ALS) up 6%, Gindalbie Metals (GBG) up 5% and Beach Energy (BPT) up 3.8%.
The biggest losers include Platinum Australia (PLA) down 7%, Envestra (ENV) down 2.8% and Flight Center (FLT) down 1.6%.
Daily Chart
The daily chart shows the down trendline from the late March high has been touched twice as the market has tried and failed to break out of its funk. The short term support at 4530 points, amidst the US debt ceiling confusion and obfuscation could be a temporary lull in proceedings. The strong support still remains at 4450 points.
Daily chart of ASX200 with 15 day moving average (green) and support/resistance lines (orange)