The share market is higher in cautious trading as investors wait for crucial Chinese quarterly growth numbers.
The morning gains follow rises on Wall Street overnight and positive financial results from Johnson and Johnson and Coca Cola.
IG market strategist Evan Lucas said the latest Chinese gross domestic product (GDP) numbers for the first quarter out on Wednesday would have a significant effect on the local market, especially iron ore miners.
“Silver futures have tanked, currencies are very, very choppy as well so there is a lot of positioning and jostling heading into the GDP numbers,” he told AAP.
“If iron ore futures for September jumps up then the market believes stimulus is coming in China.”
Mining stocks were down despite BHP Billiton releasing an upbeat quarterly production report that beat expectations, and included an increase to full year iron ore guidance.
BHP was 10 cents lower at $37.68.
Fortescue Metals boosted its iron ore shipments by 15 per cent in the March quarter, and its shares were up one cent at $5.34.
Rio Tinto had recovered from early losses to be three cents weaker at $63.32.
Shares in WA mineral sands miner Iluka Resources tumbled after it recorded falls in production, sales and revenue.
They were down 63.5 cents, or 6.5 per cent, at $9.13.
Among the banks, Commonwealth Bank was five cents higher at $76.95, ANZ had lifted seven cents to $33.59, Westpac was up 20.5 cents at $34.575 and National Australia Bank had gained 5.5 cents to $35.115.
KEY FACTS
* At 1215 AEST on Wednesday the benchmark S&P/ASX200 index was up 19.5 points, or 0.36 per cent, at 5,407.7 points.
* The broader All Ordinaries index was up 19.7 points, or 0.37 per cent, at 5,400 points.
* The June share price index futures contract was 23 points higher at 5,400 points, with 13,162 contracts traded.
* National turnover was 539 million securities worth $1.3 billion.
