(RTTNews) - The Australian stock market was trading higher on Friday after the Wall Street closed with triple-digit gains overnight bolstered by better-than-expected GDP data and a dip in crude oil prices. At 9:04 p.m. ET, the benchmark S&P/ASX 200 index was up 43 points or 0.85% at 5,110 after closing up 1.1% on Thursday. The broader All Ordinaries index was gaining 53 points or 0.83% to 5,186.

In the currency market, the Australian dollar opened weaker on Friday as the U.S. dollar strengthened on better-than-expected growth data and lower commodity prices. The Aussie opened at US$0.8623-0.8629, down from Thursday’s close of US$0.8674-0.8678.

On the economic front, the Australian Bureau of Statistics is scheduled to release the report on July private sector credit in Australia. In June, private sector credit rose 0.4% from the month before and was 11.7% higher for the full year to June.

Also, the Reserve Bank of Australia financial aggregates data for July and the Housing Industry Association of Australia new home sales data for July will be released.

Among banking stocks, Commonwealth Bank rose 2.43%, ANZ Banking Group added 2.22%, and investment bank Macquarie Group climbed 3.23%. Westpac advanced 1.60%, St. George bank increased 1.85%, and National Australia Bank gained 1.83%.

In the resources sector, index leader BHP Billiton edged down 0.19%, and Rio Tinto lost 1.43%. Gold miners were mixed after gold closed marginally higher on Thursday. Lihir Gold lost 1.63%, while Newcrest Mining edged up 0.19%.

On Thursday, crude oil for October delivery closed lower after three days of upward movement, as the International Energy Agency pledged to release additional oil supplies in the event of storm damage. However, strong concerns remained that tropical storm Gustav could hit the Gulf of Mexico’s oil region as a Hurricane and disrupt oil and natural gas production. The region accounts for 26% of US crude production and 11% of natural gas output.

Oil closed down $2.56 at $115.59 a barrel on the New York Mercantile Exchange, after touching intraday highs of $120.50. In Asian trade Friday, crude was up $0.84 at $116.43.

Among energy stocks, Woodside added 0.59%, while Oil Search edged down 0.67%, and Santos lost 2.48%.

In the retail sector, David Jones gained 2.13%, Coles owner Wesfarmers edged up 0.54%, and giant retailer Woolworths added 0.75%.

Property investor Centro Properties Group rose 14%, as the company said it is making incremental steps to stabilize the group after booking an annual net loss of A$2.06 billion for 2007/08. However, revenue for 2008 rose 94% to A$745.1 million.

Debt-laden Allco Finance Group lost 5% after it posted a massive A$1.73 billion loss for the full-year 2008, compared to a profit of A$211.67 million last year and warned its business remained fragile. It will now restructure to focus on its core capabilities by selling non-core assets and some exiting businesses.

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Posted in Categories: Australia, Releases, Stocks, USA.

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