Finance Finance News Australian shares rise after overseas stock gains

Australian shares rise after overseas stock gains

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The Australian share market is tracking gains on Wall Street which broke a three-day losing streak overnight.

The All Ordinaries Index was 0.6 per cent higher at 5,218 shortly before midday (AEDT), and the ASX 200 index was also up 0.6 per cent, or 30 points, to 5,205.

Company results in the resources sector have been supporting gains.

Shares in Atlas Iron and Drill Search have both jumped almost 7 per cent after upgrading their production guidance.

Fortescue Metals has risen 3 per cent, and BHP Billiton was 1 per cent higher.

A third earnings downgrade in rapid succession from Forge Group has caused its shares to drop more than 9 per cent.

Shares in JB Hi-Fi have slipped 3 per cent, giving up some of yesterday’s large gains.

The Australian dollar had risen against the greenback to 88.05 US cents.