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STOCKS - AUSTRALIAN BOURSE OPENS HIGHER - DEC 1, 2006.

AsiaPulse News

| December 01, 2006 | COPYRIGHT 2006 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

SYDNEY, Dec 1 Asia Pulse - The Australian stock market has opened higher as resources stocks enjoyed stronger commodity prices and carrier Qantas soared on an earnings upgrade.

At 1015 AEDT, the benchmark S&P/ASX200 index lifted 8.3 points to 5490.4, while the all ordinaries gained 9.7 points to 5471.3. and this morning has hit a new intraday high of 5475.6.

The previous high of 5461.6 points was recorded yesterday.

On the Sydney Futures Exchange, the December share price index contract gained 29 points to 5494, on a volume of 4,306 contracts.

ABN Amro Morgans Ipswich manager Tony Russell said strong commodity prices and ongoing corporate activity were keeping the local bourse buoyant.

"The market's very interesting at the moment, it tries to go down but just the weight of money and corporate good news continues to keep it abound," Mr Russell said.

"We've had no leads from overseas markets, except for strong metal and oil prices so we've seen a good kick ...

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Source: HighBeam Research, STOCKS - AUSTRALIAN BOURSE OPENS HIGHER - DEC 1, 2006.

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