UP, UP AND AWAY: Australian Market Way Higher At The Open

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Australia’s share market is nearly a whole percentage point higher after a good day on Wall Street, and with Woodside Petroleum pulling it up with a 60 cent special dividend.

At 10.43am EST the ASX 200 was at 5016.00, up 0.99%.

After it shelved its planned $40-billion-plus Browse venture earlier this month, Woodside has dolled out a special dividend, buoying the local market. Woodside is up 6.65% at 10.41am EST

Woodside’s decision is playing a major role, CMC Markets chief analyst Ric Spooner told Fairfax Media.

“One of the particular things that has added to the atmospherics of the market at the moment is that Woodside has announced a special dividend.

“The reason the market likes that is that it is evidence of good conservative management and a rational approach,” he said.

The banks are also doing their bit, with the big four all trading higher.

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