The Australian sharemarket is holding onto modest gains, with the All Ordinaries index (XAO) up 0.4 pct or 17.8 pts to 4752.9. All sectors are trading higher, with the healthcare sector leading the way in percentage terms.

Despite weaker commodity prices overnight off the back of worse than expected economic data, the miners are rising. Australia’s largest miner, BHP Billiton (BHP) is up 0.48 pct or 21 cents to $44.12, while the iron ore focused RIO Tinto (RIO) is up 0.35 pct or 28 cents to $80.53.

The country’s third largest iron ore producer, Fortescue Metals Group (FMG) is up 2.05 pct or 13 cents to $6.46 at lunch and has seen a spike in the volume of shares traded today.

The four big banks are mixed after a few hours of trade, with Commonwealth Bank of Australia (CBA) up 0.97 pct or 49 cents to $50.89 and National Australia Bank (NAB) 0.27 pct or 8 cents higher to $26.23. Westpac (WBC) is the worst performer and is down 0.99 pct or 22 cents to $22.03 while ANZ Banking Group (ANZ) is easing by 0.45 pct or 9 cents to $21.98.

It has been quite an eventful week for the airlines, with news out that Qantas (QAN) pilots could be preparing to take industrial action against the airline for the first time in more than 40 years.

Today, Virgin Blue (VBA), released its latest passenger numbers for April. There was a 2.1 pct fall in domestic passengers on its flights and a 19.2 pct drop in international travellers. QAN shares are up 0.49 pct or 1 cent to $2.07 while VBA is down 1.69 pct or 0.5 cents to 29 cents.

Following the end of daylight savings in April this year, major Asian markets will be trading between the hours mentioned below until mid October.

The Hong Kong sharemarket trades in two sessions each day and will now be opening for trade between 11.30am (AEST) and 2pm (AEST) and then between 3.30pm (AEST) and 6pm (AEST) in its second session.

Out of Japan, the first session will be between 10am (AEST) and 12pm (AEST), while the second session is between 1.30pm (AEST) and 4pm (AEST).

The Singapore exchange will be open for trade between 11am (AEST) and 2.30pm (AEST) for the first session and then between 4pm (AEST) and 7pm (AEST) in its second session.

Sharemarkets in the Asian region mixed, with Japan’s Nikkei 225 index down 0.33 pct or 31.16 pts to 9530.89 and Hong Kong’s Hang Seng is 0.09 pct or 21.32 pts weaker to 22879.47. South Korea’s KOSPI index is the best performing index in the region for the second straight day and is up 0.67 pct or 13.92 pts to 2105.83. China’s Shanghai Composite index is up 0.28 pct or 7.58 pts to 2744.10 while shares in the Philippines are up 0.26 pct or 11.16 pts to 4241.72.

There is no major economic data scheduled for release on the domestic front today however Japan will release its retailer sales and consumer inflation today.

The best performing stock at lunch is Stirling Resources (SRE), which is up 33.33 pct or 0.5 cents to 2 cents. SRE is a miner focused on the development and investment of copper, gold, iron ore and other metals.

So far today, 864 million shares have been traded worth $3.46 billion. 500 shares are up, 336 are lower and 399 are currently unchanged.

The Australian dollar is stronger and buys US106.6 cents.