Australian stock market opening july 13 2011

Australian stock market opening july 13 2011- Australian shares open market july 13 2011 - commodity market outlook july 13 2011 ; Australian shares opened higher with stronger commodities prices helping the local market to defy a negative lead from global markets.

At 1015 AEST, the benchmark S&P/ASX200 index was up 11.9 points, or 0.26 per cent, at 4,507.3, while the broader All Ordinaries index was up 11.4 points, or 0.25 per cent, at 4,574.9.

On the ASX 24, the September share price index futures contract was 17 points higher at 4,483, with 13,908 contracts traded.

Base metal prices all rose overnight, as did oil and gold, which gave a boost to resources stocks.

BlueScope Steel was the best performing stock in the top 100 shares, up four cents, or 3.3 per cent, at $1.26, and OneSteel gained two cents to $1.92.

Other strong performers were Iluka Resources, up 31 cents to $16.61 and OZ Minerals added 14 cents to $13.04.

Lynas Corporation was up two cents to $1.96 after it outlined plans for a second phase of construction of its refinery plant in Malaysia.

Gold rose to within sight of its all time record overnight, and at 1023 AEST the spot price of gold in Sydney was trading at $US1,568.50 per fine ounce, up $US18.07 from Tuesday's closing price of $US1,550.43.

Gold miner Newcrest was up 68 cents to $39.39.

The major resource stocks were not as strong, with BHP Billiton adding just 14 cents to $43.60 and Rio Tinto up 17 cents to $81.60.

In energy, Woodside was up four cents to $39.82, Oil Search had added two cents to $6.56 and Santos was six cents higher at $13.19.

A credit rating downgrade for Ireland saw late losses on Wall Street, which wiped out small gains made after the Federal Reserve released comments that indicated it might consider more economic stimulus.

The Dow Jones Industrial Average fell 0.47 per cent to 12,446.88, the broader S&P 500 lost 0.44 per cent to 1,313.64 and the tech-heavy Nasdaq Composite dropped 0.74 per cent to 2,781.91.

European also fell, but recovered from earlier lows as the Italian government promised to speed cost-cutting measures through its parliament.

Locally, banks managed to outperform their counterparts on those markets.

National Australia Bank gained 11 cents to $23.99, ANZ added six cents to $21.14, Commonwealth Bank rose by 27 cents to $49.91 and Westpac was 12 cents higher at $21.26.

IG Markets research analyst Ben Potter said stronger commodities prices were driving early trade.

But he said he also believed local shares had been oversold recently and investors were taking advantage of good value.

The release of Chinese data at midday, including gross domestic product (GDP), fixed asset investment, industrial production and new loans, could influence the market in afternoon trade, Mr Potter said.

National turnover reached 466.9 million shares, worth $1.02 billion, with 372 shares up, 279 down and 306 unchanged.

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