The Aussie market has started the new trading week on a positive note, with the XJO presently 20 points (+0.5%) higher, at 4300.
Most sectors are stronger, with materials, consumer staples and industrials the strongest performers.
Conversely, telcos and healthcare plays are the weakest links.
In company news, Bluescope Steel shares have skyrocketed over 32% after announcing it will form a US$1.36 billion joint venture with Japan’s Nippon Steel Corp targeting Southeast Asia and North America’s building sectors.
Elsewhere, JB Hi-Fi has climbed 6.8% after reporting a FY12 net profit of $104.6 million, a 4.6% fall on the prior year. The result was slightly ahead of analyst expectations.
Around the region, Asian markets are mainly weaker; the Shanghai Composite (-0.4%) and Hang Seng (-0.1%) are down, whilst the Nikkei is flat.