While the Australian market opened at a slow rate in the morning, it gained momentum by the afternoon.

DuluxGroup Ltd. shares opened at $2.50 in their first ever appearance on the Australian Securities Exchange (ASX) after the corporation was demerged from Orica Ltd., its parent company. The standard S&P/ASX200 index had climbed 6.7 points i. e. 0.15%, at 4,403.0 points at 1205 AEST.

The All Ordinaries index had increased 8.7 points i. e. 0.2% to 4,423.2 points.

With 8,583 contracts traded, the September share price index contract had progressed by one point at 4,385 points on the Sydney Futures Exchange.

Orica was at its worst with S&P/ASX100 down 4.67 % or $1.20 to $24.48. Orica had plunged 8% in the morning, but rose after the registration of DuluxGroup, which earlier belonged to them. DuluxGroup stocks have their code as DLX. DuluxGroup which is a paints, adhesives and garden products dealer demerged from Orica after the Supreme Court of Victoria accepted their application.

Macquarie Private Wealth Client Adviser, Helen Spencer had revealed that both DuluxGroup and Orica had done good business in the morning.

"Overall, adding that back together, they are certainly well ahead on a lackluster market. It's very much the case that the sum of the parts is greater than the whole", said Spencer.