Energy stocks help lift ASX in early trade

Photo: Oleg Nikishin/Getty Images

Led by strong gains in the energy sector following a spike in crude oil futures, Australian stocks have begun the first trading session of the year modestly higher.

Here’s the scoreboard after 20 minutes of trade.

  • ASX 200 5303.9000 , 8.04 , 0.15%
  • All Ords 5352.4 , 7.84 , 0.15%
  • AUD/USD 0.7291 , -0.0005 , -0.07%

With US crude futures soaring more than 3% on the back of renewed geopolitical tensions in the Middle East, the energy sector is leading the market higher with a gain of 3.2%.

With the exception of industrials and information technology, all other sectors are trading flat to higher.

Materials, following another gain the iron ore price on New Year’s Eve, are higher by 0.6% while financials, the largest component of the broader ASX 200 index by market capitalisation, are trading flat.

On the back of safe-haven flows, the All Ords gold index is also pushing higher, rising 1.2%.

Elsewhere gains range by between 0.3% to 1.1%.

On the data front, the China Caixin-Markit manufacturing PMI report – due out at 12.45pm AEDT – is also likely to be influential, particularly on the energy and materials sectors.

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