Shares gained 0.5% through the afternoon Friday, with the banks supporting the miners to lead the market higher. The ASX/200 put on 1% for the week.
At the end of the day, the All Ords gained 27.1 to 4,574.1, while the ASX/200 rose 24.6 to 4,551.9. Around 2 billion shares worth around $4.6 billion had changed hands.
BHP Billiton added 31c to $39.13. The world’s largest mining company shut down part of its iron-ore train link between Port Hedland and the mines in the region as police investigate reports of a death on the line this morning.
The Materials and Resources sector advanced 0.9%.
Rio Tinto and Fortescue were 1.1% and 1.4% dearer to be trading at $70.85 and $4.37 respectively.
Gold miners Newcrest and Lihir rallied 1.7% and 2.1% to $35.24 and $4.35 as the price of the precious metal reached record highs.
The smaller capped Eldorado, St Barbara and Perseus were 3.7%, 5.6% and 7.3% higher.
It was a more subdued morning for the Banks and Financials sector, which was 0.5% higher.
NAB rose 32c to $25.12 to be the best of the big four banks amid reports the company might sell an adviser network to IOOF Holdings on top of Axa Asia Pacific’s North platform in an effort to convince the ACCC of its takeover plan of AXA APH.
Westpac climbed 1.3%, while ANZ edged 0.8% above the line. CBA edged just 9c, or 0.2% higher to $52.59.
Macquarie’s shares reversed morning losses to be up 19c to $44.63.
Insurer AMP added 0.5% to $5.61.
Westfield led the Property Trusts sector to finish 0.3% in the red, with an 18c, or 1.4% fall to $12.62.
Oil related stocks showed weakness on the back of a 1% drop in the price of crude overnight. The Energy sector was 0.3% higher.
Woodside was virtually flat, while Santos and Oil Search slid 0.3% and 0.5% to $13.50 and $5.86 respectively. Caltex Australia and WorleyParsons dropped 3% and 3.2%.
Origin Energy gained 35c, or 2.3% to $15.84, while coal plays Coal & Allied and New Hope advanced 4.1% and 5.5%.
The Industrials sector lost 0.8% as the sector’s second largest stock, Brambles, tumbled 32c, or 5.2% to $5.89. The pallet maker has come under pressure in recent weeks following the loss of a key US customer.
Leighton eased 74c, or 2.2% lower to $32.27 as investors booked profits following strong gains yesterday.
It was more mixed for transport and logistics companies, with Toll down 0.7% to $5.89, while Asciano put on 2.5% to $1.69.
Airport owner MAp Group rose 2c, or 0.7% to $2.96.
Alesco slumped 2.8% to $2.77 after the company said it expects to post a loss around $126 million for the year ended 31 May 2010 following a $133 million writedown on its Water Products and Services Division.
Individual stocks, rather than the sub-sectors, countered one another in the Consumer Discretionary sector, which added 0.3%.
David Jones shed 2c to $4.49 after the retailer announced CEO Mark McInnes had resigned with immediate effect for behaving “in a manner unbecoming of the high standard expected of a chief executive officer”.
Pacific Brands rallied 3c to 95.5c, while education services provider Navitas put on 22c, or 5% to $4.63.
Among the media plays, Ten and Consolidated Media rose 1.8% and 1.2%, while the larger capped Fairfax shed 2c to $1.45.
The Consumer Staples sector was up 0.4%.
The two majors Woolworths and Wesfarmers added 0.4% and 1%, however second tier supermarket operator, Metcash bucked the trend, down 13c to $4.15 after going ex-div.
The Telecommunications sector was 2.1% stronger, thanks to a 7c rally to $3.23 from Telstra.
Around the region, the Nikkei 225 retreated 4.4 to 9,995.0, while the NZSE50 gained 1.8 to 3,047.5. The Hang Seng rose 151.9 to 20,290.3.
Spot gold was trading at US$1,244.53 per ounce, while the Aussie was buying US$0.8696.
