SYDNEY, Aug. 17 (Xinhua) -- The Australian market is higher on Thursday, on the back of an overnight rally in base metal prices.
At 10:50 (AEST), the benchmark S&P/ASX 200 index was up 11.60 points, or 0.20 percent, at 5,796.70, while the broader All ordinaries index rose 11.80 points, or 0.20 percent, at 5,842.50.
"There was a significant bounce in base metal prices and that has made materials the best performing sector today," CMC Markets chief market analyst Ric Spooner told Xinhua on Thursday.
"However oil prices slipped after the announcement of increased production in the U.S. which has seen the energy space under pressure."
The biggest story of the morning has been the decline in telecommunication giant Telstra's share price, which fell more than 10 percent at one point.
"We saw a very negative reaction to their profit result and the fact they have changed their dividend policy, by cutting it," Spooner explained.
The Commonwealth Bank added 0.36 percent, Westpac Bank edged lower at 0.09 percent, ANZ dipped 0.07 percent and National Australia Bank was down 0.16 percent.
BHP climbed 0.99 percent, Rio Tinto jumped 1.93 percent, Fortescue Metals surged 2.73 percent and Newcrest Mining rallied 2.01 percent.
Woodside Petroleum tumbled 2.17 percent, Santos dropped 1.35 percent and Oil Search fell 0.47percent.
Wesfarmers soared 2.32 percent and Woolworths lifted 0.33 percent.
Telstra's plummeted 9.35 percent, Qantas shot up 1.89 percent and CSL gained 1.65 percent.
