Australian share market opens higher

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THE Australian share market has opened higher on the back rising energy shares and with investors seeming slightly more positive about a Trump presidency.

The benchmark S&P/ASX 200 index was 0.36 per cent higher at 1020 AEDT, with gains led by energy stocks.

CommSec market analyst Steve Daghlian said it was the first improvement in the opening local market since the start of the week.

He said that while share moves had been modest, they had been relatively volatile since Donald Trumplsat week was elected to be the 45th US president.

Overall, it seems that Donald Trumps win has been largely positive from a market standpoint, at least for the time being, he told AAP.

Today, the energy sectors doing best and thats because the price of oil jumped.

Wall Street closed higher overnight with technology stocks back in demand after post-election losses and energy shares supported by a six per cent jump in oil prices on the back of expectations OPEC will cut output in late November.

The Dow Jones industrial average finished up 0.29 per cent at 18,923.06, while the S&P 500 rose 0.75 per cent to 2,180.39.

Local energy shares followed the US lead with Woodside adding 58 cents, or two per cent, to $29.62, Santos rising eight cents to $4.08, Beach Energy lifting 4.25 cents, or 5.52 per cent, to 81.25 cents and Oil Search up 19.5 cents at $6.76.

The four big banks also edged up slightly. Commonwealth Bank was up 48 cents, or 0.63 per cent, at $76.91, and Westpac had gained 22 cents, or 0.71 per cent, to $31.18, National Australia Bank had lifted 19 cents, or 0.68 per cent, to $28.32, while ANZ edged up eight cents, or 0.29 per cent, to $27.84.

Even though the overall technology sector was down, some shares echoed Wall Streets gains with Audio Pixel up 74 cents, or 4.47 per cent, to $17.30, Sonic Healthcare up 66 cents to $22.33 and Cochlear shares jumping $1.33 to $121.15.

However, resources were hit by an eight per cent fall in the iron ore price. BHP Billiton fell 34 cents, or 1.38 per cent, to $24.21 and Rio Tinto shares shed 95 cents, or 1.61 per cent, to $58.

Woolworths also slipped, losing 10 cents to $23.26 after chief executive of discount subsidiary BIG W Sally Macdonald resigned after less than a year in the job.


* At 1020 AEDT on Wednesday, the benchmark S&P/ASX 200 index was up 19 points, or 0.36 per cent, at 5,345.2.

* The broader All Ordinaries index was up 17.6 points, or 0.33 per cent, at 5,417.4 points.

* The December share price index futures contract rose 26 points to 5,350, with 8,616 contracts traded.

* National turnover was 393.1 million securities traded, worth $527 million.