Australian shares opened higher, driven by a strong rally in consumer and utilities stocks, despite ongoing disappointment with China’s latest efforts to stimulate its economy.
At 11:35am, the S&P/ASX 200 is 0.46 per cent higher at 8,214.60.
The SPI futures are pointing to a rise of 39 points.
Best and worst performers
The best-performing sector is Utilities, up 1.64 per cent. The worst-performing sector is Energy, down 1.39 per cent.
The best-performing large cap is GQG Partners (ASX:GQG), trading 4.3 per cent higher at $2.67. It is followed by shares in Netwealth Group (ASX:NWL) and CAR Group (ASX:CAR).
The worst-performing large cap is Mineral Resources (ASX:MIN), trading 6.56 per cent lower at $47.87. It is followed by shares in Pilbara Minerals (ASX:PLS) and Mercury NZ (ASX:MCY).
Commodities and the dollar
Gold is trading at US$2641.30 an ounce.
Iron ore is 4.1 per cent lower at US$104.65 a tonne.
Iron ore futures are pointing to a 3.2 per cent fall.
One Australian dollar is buying 67.38 US cents.