NS: Australian share market ends day positive, pushed higher by resources
THE share market closed marginally higher, buoyed by the major miners, amid a quiet session because of the Victorian public holiday.
At the 4.15pm (AEDT) close, the benchmark S&P/ASX200 index was up nine points, or 0.29 per cent, at 3154.5, while the broader All Ordinaries index gained 10 points to 3121.7.
CMC Markets senior dealer Dominic Vaughan said BHP Billiton and Rio Tinto lifted the market in today's trade.
"The market was held up by the two major miners and the energy sector,'' he said.
"Also we've seen a bit of recovery in the financial sector, mainly from ANZ.
"Overall, it has been a relatively flat sort of day.''
BHP Billiton, the biggest company on the stock exchange, rose $1.47, or 5.32 per cent, to $29.12 and rival Rio Tinto gained $1.80, or 3.94 per cent, to $47.50.
Energy stocks rose after crude oil gained on Friday as US oil inventories fell.
Light, sweet crude for April delivery rose $US1.91 to settle at $US45.52 in New York.
Santos gained 52 cents, or 3.42 per cent, to $15.72, Woodside added 36 cents to $35.91 and Oil Search gained 2 cents to $4.83.
The banking sector was mixed.
NAB lost 77 cents, or 4.58 per cent, to $16.03 and Commonwealth Bank declined 36 cents to $26.64.
Westpac rose 20 cents to $15.90 and ANZ added 17 cents to $12.53.
Shares in insurer QBE Insurance Group pulled the local market lower during the day following a number of erroneous trades in the stock, which had it briefly trade at 0.4 cents.
The trades were quickly cancelled and the index returned to trading flat.
QBE closed down 70 cents, or 4.29 per cent, at $15.60.
Gold stocks were also mixed.
Gold miner Newcrest advanced 33 cents to $31.40, Newmont Mining fell 17 cents to $5.99 and Lihir Gold was flat at $3.15.
The spot price of gold in Sydney was $US937.90 per fine ounce at 4.27pm, down $US0.25 on Friday's local close of $US938.15.
Victoria was marking the Labour Day public holiday on Monday.
On the Sydney Futures Exchange, the March share price index futures contract was three points higher at 3148 on a volume of 21,950 contracts.
