Aust stocks climb at noon

By Michael Roddan

The Australian sharemarket has gained momentum after stronger-than-expected GDP data, edging into positive territory after a weak opening. At 12. 05pm (AEST), the benchmark S&P/ASX200 index rose 6. 7 points, or 0. 12 per cent, at 5665. 2, while the broader All Ordinaries index was up 6. 6 points, or 0. 12 per cent, at 5,663. 5.

Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report.

Along with Robert Gottliebsen and Stephen Bartholomeusz, Alan also founded Business Spectator, the popular business news and commentary website.

Earlier, the local market was down as the materials sector slumped, hurt by BHP trading ex-dividend and other miners hurt by a two-year low iron ore price while the gold price fell to a two-month low.

Official gross domestic product (GDP) figures showed the Australian economy had grown at a better-than-expected rate, although the full-year rate remained below long-term trend.

Read more here: Business Spectator


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