After a slow start to trade, the Australian sharemarket is managing to gain for the second straight session at lunch. The All Ordinaries index (XAO) is up 0.3 pct or 16.1 pts to 4700 thanks in part to the mining and energy sectors creeping into positive territory after opening lower this morning.

The world’s largest miner, BHP Billiton (BHP) is down a modest 0.07 pct or 4 cents to $44.12 while RIO Tinto (RIO) is 0.2 pct or 16 cents lower to $80.08. BHP received the approval by U.S regulators today for deepwater exploration in the gulf of Mexico.

The four big banks are holding up well with ANZ Banking Group (ANZ) the best, up 1.33 pct or 30 cents to $22.79, Westpac (WBC) is up 0.79 pct or 18 cents to $23.00, National Australia Bank (NAB) is 0.71 pct or 19 cents higher to $27.10, while Commonwealth Bank of Australia (CBA) is 0.33 pct or 17 cents stronger to $52.08.

On the rural front, Graincorp (GNC) which provides handling, storage and marketing to the grain growing industry is gaining very strongly after a few hours of trade. In fact GNC which has a market capitalisation of $1.6 billion is up 6.68 pct or 51 cents to $8.15 and has hit a mid-2008 high today.

Australia’s largest telecommunications company, Telstra (TLS) is up 1.33 pct or 4 cents to $3.04 today and is trading at its highest level since the middle of August 2010.

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 are mostly stronger after a tough session yesterday. South Korea’s KOSPI is up 1.19 pct or 25.03 pts to 2127.44, Japan’s Nikkei 225 is up 0.85 pct or 80.94 pts to 9647.96, Hong Kong’s Hang Seng is up 0.19 pct or 44.23 pct to 22945.31 while China’s Shanghai Composite is currently up 0.23 pct or 6.70 pts to 2859.47.

It will be a quiet session for economic data out of the Asian region today.

So far today, 1.16 billion shares have been traded worth $2.14 billion. 422 shares are up, 484 are lower and 389 are currently unchanged.

The Australian dollar currently buys US106.3 cents.

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