The Australian share market is slightly higher after a flurry of mixed quarterly production data and weaker-than-expected building approval data.
Early trade was quiet as investors digested the effects of EU and US sanctions against Russia. But it had gained some momentum by noon AEST.
The strongest gains were in the banking sector.
Patersons Securities economist Tony Farnham said investors were putting their faith in the big banks ahead of expected positive yearly results during earnings season.
“The consensus view is that the end June results (in the banking sector) are going to be quite respectable,” he said.
“Not shoot the lights out type stuff, but enough to cause dividends to be just a little bit higher than the time before.”
Commonwealth Bank rose 72 cents to $83.85, NAB gained 15 cents to $35.33, Westpac lifted 25.5 cents to $34.61 and ANZ put on 15 cents to $34.01.
The big resource players were mixed with BHP Billiton down 20.5 cents to $38.80, Fortescue Metals losing three cents to $4.93 but Rio Tinto up 13 cents to $66.20.
Woodside Petroleum was trading 58 cents lower, at $42.30, following news the company may not garner enough shareholder support for its planned $US2.7 billion buyback.
Lynas Corporation shares fell after news prices for the company’s rare earths had dropped and quarterly costs were almost double what it collected from the sale of goods.
Its shares were 3.5 cents, or 17.07 per cent, lower at 16 cents.
Northern Star was down 7.5 cents, or 4.23 per cent, at $1.70 despite easily beating its quarterly production target.
In economic data, new home approvals fell 5.0 per cent across Australia in June, Australian Bureau of Statistics figures showed.
KEY FACTS
* On Thursday at 1200 AEST, the benchmark S&P/ASX200 index was up 8.6 points, or 0.15 per cent, at 5,581 points.
* The broader All Ordinaries index was up 4.1 points, or 0.06 per cent, at 5,618.4 points.
* The September share price index futures contract was five points higher at 5,583, with 14330 contracts traded.
* National turnover was 986 million shares worth $1.6 billion.
