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However lower metal prices dragged down resource stocks throughout the morning, and at 1pm the S&P/ASX200 index was down 67 points, while the All Ordinaries fell 60.
US stocks posted their first gains in three days on Thursday as oil prices eased, and a takeover bid by NRG Energy for Calpine Corp lifted the market.
By close of trade, the Dow Jones Industrial Average had put on 24 points while the Nasdaq Composite added 16.
In Asian trading today, Japan’s Nikkei was up 102 points at 1pm, while Hong Kong’s Hang Seng added 147.
Meanwhile in Australian share market news, shopping centre giant Westfield Group this morning addressed shareholders at its AGM, reiterating its distribution guidance for the calendar year of 106.5 cents a security.
Company chairman Frank Lowy told the meeting that while retail sales had slowed in the current uncertain market, the company was strong, with stable cash flows and was well positioned for the future. Mr Lowy also said that Westfield was constantly on the look out for potential acquisitions. Shares in the group rose almost 2 per cent this morning.
In other news, shares in energy trader Babcock & Brown Power were placed in a trading halt this morning pending an announcement relating to its capital position.
Shares in the group plunged 26 per cent yesterday on uncertainty over the refinancing of $3.1 billion of debt, which has been delayed twice since April. However in a statement today parent group Babcock and Brown said that it would provide the power producer with up to $360 million if the listed fund lenders did not. BBP resumed trading just before 1pm today.
In shareprice movements on the ASX this morning, resource stocks lost ground on lower metal and oil prices. At 1pm, BHP Billiton was down cents 47, Fortescue Metals added a cent, Rio Tinto lost 78 cents, while Woodside Petroleum fell $2.33.
Banking stocks also posted losses. ANZ was down 29 cents at 1pm, Commonwealth Bank fell 52 , National Australia Bank shed 71 cents, Westpac dropped 18.
Other blue chips reflected the market’s negative sentiment. AMP was down four cents, News Corp fell 18, Telstra dropped two cents, while Woolworths lost 24.
US stocks posted their first gains in three days on Thursday as oil prices eased, and a takeover bid by NRG Energy for Calpine Corp lifted the market.
By close of trade, the Dow Jones Industrial Average had put on 24 points while the Nasdaq Composite added 16.
In Asian trading today, Japan’s Nikkei was up 102 points at 1pm, while Hong Kong’s Hang Seng added 147.
Meanwhile in Australian share market news, shopping centre giant Westfield Group this morning addressed shareholders at its AGM, reiterating its distribution guidance for the calendar year of 106.5 cents a security.
Company chairman Frank Lowy told the meeting that while retail sales had slowed in the current uncertain market, the company was strong, with stable cash flows and was well positioned for the future. Mr Lowy also said that Westfield was constantly on the look out for potential acquisitions. Shares in the group rose almost 2 per cent this morning.
In other news, shares in energy trader Babcock & Brown Power were placed in a trading halt this morning pending an announcement relating to its capital position.
Shares in the group plunged 26 per cent yesterday on uncertainty over the refinancing of $3.1 billion of debt, which has been delayed twice since April. However in a statement today parent group Babcock and Brown said that it would provide the power producer with up to $360 million if the listed fund lenders did not. BBP resumed trading just before 1pm today.
In shareprice movements on the ASX this morning, resource stocks lost ground on lower metal and oil prices. At 1pm, BHP Billiton was down cents 47, Fortescue Metals added a cent, Rio Tinto lost 78 cents, while Woodside Petroleum fell $2.33.
Banking stocks also posted losses. ANZ was down 29 cents at 1pm, Commonwealth Bank fell 52 , National Australia Bank shed 71 cents, Westpac dropped 18.
Other blue chips reflected the market’s negative sentiment. AMP was down four cents, News Corp fell 18, Telstra dropped two cents, while Woolworths lost 24.
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