THE sharemarket closed slightly higher, bolstered by news that Europe had moved a step closer to resolving its debt crisis. The benchmark S&P/ASX200 index finished 6.3 points up, or 0.14 per cent, at 4556, while the broader All Ordinaries index rose 7.8 points, or 0.17 per cent, to 4626.2. An IG Markets research analyst, Ben Potter, said positive news on the euro zone debt crisis had buoyed the market, outweighing downbeat manufacturing data from China. Germany and France broke their deadlock over a new bailout for Greece before an emergency euro zone summit aimed at saving the currency from the worst crisis in its 12-year history. A bank reported that China's manufacturing had had the biggest fall since March 2009. ''The Chinese PMI [Purchasing Managers Index] data came in a little weaker than expected and that saw the market sell off a few points,'' Mr Potter said. ''[But] the Germans and the French had come up with a joint position … which is helping the markets a little bit.'' Most banks and financials were higher. National Australia Bank was the biggest gainer, up 31¢, or 1.28 per cent, at $24.60. Commonwealth Bank was up 19¢, or 0.38 per cent, at $49.74 and ANZ rose 6¢, or 0.28 per cent, to $21.26, but Westpac fell 2¢, or 0.09 per cent, to $21.14. BHP Billiton rose 14¢ to $43.58. On Wednesday it had reported record production for four key commodities. Rio Tinto fell 21¢, or 0.25 per cent, to $82.34. Newcrest Mining posted a 16 per cent rise in gold production in the fourth quarter and annual production in line with earlier guidance, but its shares fell 21¢ to $40.60. In the energy sector, Santos revealed it produced 8 per cent more oil and gas in the second quarter of calendar 2011, although production is down 5 per cent on the year to date compared with 2010. Its shares finished down 4¢ at $13.31. News Corp was another strong performer after its chief executive, Rupert Murdoch, left Britain following a turbulent visit dominated by the fallout from the phone-hacking scandal. News shares closed up 24¢, or 1.57 per cent, at $15.48, while the non-voting stock rose 15¢, or 1.02 per cent, to $14.90. Preliminary national turnover was 2.23 billion shares, worth $4.73 billion, with 579 shares higher, 472 lower, and 376 steady.

Source