Markets

Australian stocks up 1.3pc in early trade

SYDNEY : Australian stocks jumped 1.3 percent in early trade on Friday after strong rallies in Europe and the United Sta

Published August 12, 2011 Updated August 12, 2011 05:48am

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By Shoaib Ur Rehman

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At 10:15 am (0015 GMT), the benchmark S&P/ASX 200 was 52.2 points higher at 4,193.0 on the back of the Dow Jones Industrial Average posting a 3.94 percent gain.

The early gains were not as strong as the Dow after the Australian market largely outperformed other Asian bourses on Thursday, closing flat while most others fell, analysts said.

"All US sectors finished firmly in the black so we're calling gains to be relatively broad-based here," said IG Markets analyst Ben Potter.

"It will be interesting to see if any selling creeps into the market ahead of the weekend given the high levels of uncertainty that remain."

The Australian dollar was trading at 103.20 US cents early on, after closing at 102.87 on Thursday.

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