Australian share market rebound continues

THE Australian share market has rebounded on the back of gains by resources and banking stocks.

THE Australian share market continues to rebound on the back of gains by resources and banking stocks. Positive leads from Wall Street and a recovery in commodity prices helped the ASX bounce back from yesterday’s sharp falls to be up around half a per cent in morning trade.

The big miners led the charge into positive territory, with BHP Billiton, Rio Tinto and Fortescue Metals all around two per cent higher at 1200 AEST, while the energy sector was also in positive territory.

National Australia Bank, ANZ and Westpac all made gains, with Commonwealth shares in a trading halt following its announcement of a $5 billion capital raising.

Crown Resorts shares had fallen around three per cent after James Packer stepped down as chairman, while Telstra lost 11.5 cents to $6.125 after the company reported a slight decrease in its full year profit.

KEY FACTS

* At 1200 AEST, the benchmark S&P/ASX200 index was up 31.7 points, or 0.59 per cent, to 5,413.8 points.

* The broader All Ordinaries index was up 29.5 points, or 0.55 per cent, at 5,413 points.

* The September share price index futures contract was up 46 points at 5,345, with 24,237 contracts traded.

* National turnover was 867.7 million securities worth $1.9 billion.