The Australian stock market is higher, boosted by energy and retail stocks.
“The energy sector is certainly the stand-out early in the session on some gains in the oil prices overnight,” OptionsXpress market analyst Ben Le Brun said
Woodside Petroleum gained 36 cents to $34.87, Santos was up 19 cents to $8.85 and Oil Search was 15.5 cents higher at $7.885.
Retail stocks are benefitting from Tuesday night’s budget announcement to allow small businesses to claim a tax deduction for the full value of assets worth up to $20,000 in a single year, rather than over five years as had been the case.
“There’s some clear winners in the market today, obviously Harvey Norman, Dick Smith and JB Hi-Fi had a good start to the day, that’s on that write off for small businesses,” Mr Le Brun said.
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Harvey Norman shares gained 19.5 cents to $4.595, Dick Smith rose 5.5 cents to $2.195 and JB Hi Fi was up 51 cents to $20.98.
Myer shares were up eight cents to $1.49 after the company announced a 2.4 per cent rise in third quarter sales.
Among the banks, ANZ added 23 cents to $32.64, National Australia Bank was 58 cents higher at $35.12 and Commonwealth Bank was 51 cent stronger at $83.39.
Westpac was down 78 cents to $33.28, after going ex-dividend.
BHP Billiton gained three cents to $32.56, Rio Tinto fell 41 cents to $58.84 and Fortescue Metals was down two cents to $2.59.AS
