THE share market opened slightly higher this morning, despite weaker US markets and a drop in first half profit from Telstra.
At 10.08am AEDT, the benchmark S&P/ASX200 index was 3.4 points higher, by 0.08 per cent, at 4516.8 points, and the broader All Ordinaries index had lifted 3.5 points, or 0.08 per cent, to 4536.5 points.
Telstra was 10 cents lower at $3.29 after it posted a 3.3 per cent drop in first half profit to $1.85 billion but said it expects a stronger second half with better economic conditions.
In the resources sector, global miner BHP Billiton was 10 cents richer at $39.98 while Rio Tinto, which reports its annual results today, jumped 89 cents to $68.83.
Among the major banks, Commonwealth Bank put on 47 cents to $52.30, Westpac gained 20 cents to $22.94, National Australia Bank added 14 cents to $24.68, and ANZ Banking Group firmed 11 cents to $20.31.
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On Wall Street overnight, stocks finished lower after comments from Federal Reserve chairman Ben Bernanke met with a mixed response to the possible timing of the central bank's dismantling of economic supports.
The Dow Jones Industrial Average index fell 20.26 points, or 0.2 per cent, to 10,038.38 points.
The broader Standard & Poor's 500 index dipped 2.39 points, or 0.22 per cent, to 1068.13 points while the Nasdaq composite index shed three points, or 0.14 per cent, to 2147.87 points.
CMC Markets market analyst David Taylor said the energy sector had been boosted by a rise in the oil price and was driving up the local bourse in early trading.
"The energy sector is clearly the leading sector on the market today,'' Mr Taylor said.
"The market's very choppy this morning. Volumes are very thin, but the energy play seems to be pushing us into positive territory.''
At 10:22 AEDT, oil and gas producer Woodside Petroleum was 45 cents higher at $42.11, and Santos picked up nine cents at $13.13.
In the gold sector, Lihir firmed two cents to $2.84, and Newcrest rose 27 cents to $32.08.
At 10:24 AEDT, the price of gold in Sydney was $US1,074.00 per fine ounce, down $US1.85 on yesterday's close of $US1075.85.
Retailer Woolworths was up 13 cents at $25.63, and Wesfarmers, which owns Coles, was 38 cents higher at $28.68.
In the media sector, News Corp (the parentcompany of the publisher of news.com.au)was 16 cents weaker at $16.94, and its non-voting stock retreated 13 cents to $14.46.
Consolidated Media was steady at $3.03, and Fairfax eased two cents to $1.705.
Nashville area consumer confidence continues to declineBanks lead market higher
