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Australian stocks turn positive at noon, S&P 200 soars 28pts

Australian stocks turn positive at noon, S&P 200 soars 28pts

PERTH: The Australian stocks have turned positive at noon after investors bought into stocks following a mixed bag of company earnings.

At 12.05pm (AEDT), the benchmark S&P/ASX200 index was up 28 points, or 0.48 per cent, at 5,909.5 points, while the broader All Ordinaries index had gained 28.3 of a point, or 0.48 per cent, at 5,873.9.

Earlier, the market opened weaker as investor’s exercised caution over the finer points of Greece’s new bailout agreement. The benchmark index fell 12.3 points or as much as 0.21 per cent into the red, before recovering to midday.

Quay Equities head of trading Tristan K’Nell said following a choppy start to the session, the local market was back in positive territory after traders had digested the morning’s company news.

But given there is no significant economic releases in the region scheduled for the day, the action would likely subside into the afternoon, Mr K’Nell said.

“I’m also expecting a flat finish with no real reason to push higher after the mixed bag of reporting from this morning. Markets in China, Taiwan and Vietnam are also still closed for the Chinese New Year holiday,” he said.