SYDNEY - The Australian share market has inched higher on the back of the resources sector.
The benchmark S&P/ASX200 index closed up 10.2 points, or 0.22 per cent, at 4,749.2 points, while the broader All Ordinaries index gained 8.2 points, or 0.17 per cent, to 4,767.8 points.
On the Sydney Futures Exchange at 1615 AEDT, the December share price index contract was seven points higher at 4,761 on 20,006 contracts.
Howver, CMC Markets analyst David Taylor said the local share market lost steam around midday despite buoyant metals and commodities prices providing good support at the open.
"The price of oil continues to gain strength and this helped Woodside Petroleum (WPL) produce a solid performance today," he said.
"In the same vein, Newcrest Mining led the gold sector higher as the price of gold pushes to new record nominal highs."
In the gold sector, Lihir gained four cents to $3.56, Newcrest added 55 cents, or 1.55 per cent, to $36.01, and Newmont fell one cent to $5.62.
At 1617 AEDT, the spot price of gold in Sydney was US$1,141.20 per fine ounce, up US$2.35 from Wednesday's closing price of US$1,138.85.
Among the oil stocks, Woodside was up 58 cents at $50.10 and Oil Search gained seven cents to $5.92.
Mining giant BHP Billiton added 25 cents to $40.85 and Rio Tinto was flat at $72.60.
In the financials sector, brokers were eying the contrasting price action in Insurance Australia Group (IAG) and QBE Insurance shares.
QBE fell 46 cents, or two per cent, at $22.55 while IAG lifted 20 cents, or 4.99 per cent, to $4.21.
"I think these two companies might need some relationship counselling," Mr Taylor said.
"Certainly today, shareholders were of the view that IAG was the place to be.
"It seems shareholders believe the premium QBE is willing to pay is too low, but there is plenty of room to move."
Among the major banks, Commonwealth Bank rose 78 cents to $53.08, ANZ lifted nine cents to $22.25, Westpac added two cents to $24.68 and National Australia Bank gained 31 cents to $28.92.
Elsewhere, Mirvac Group stapled securities closed down 2.5 cents, or 1.59 per cent, at $1.55, after management was force to defend a 34.5 per cent fee rise for non-executive directors at its annual general meeting.
Food company Goodman Fielder added one cent to $1.555 after saying it was continues talks with a preferred bidder for its edible oils and spreads business and that its trading outlook was encouraging.
Amongst energy stocks, Felix Resources lost 61 cents, or 3.5 per cent, to $16.83 and Origin Energy fell 19 cents to $16.06.
Consumer staples were lower with supermarket giant Woolworths down 12 cents to $28.30 and its rival Wesfarmers, which owns Coles, dropped 20 cents to $29.19.
Beer maker Fosters Group fell 13 cents, or 2.28 per cent, to $5.57.
Department store David Jones decreased six cents to $5.73 and rival Myer fell one cent to $3.92.
The most traded stock by volume was Empire Oil &Gas, with 83.3 million shares worth $1.1 million changing hands.
Its shares were up 0.2 cent, or 16.67 per cent, at 1.4 cents.
National market turnover was 2.5 billion shares worth $4.4 billion, with 525 stocks up, 603 down and 333 steady.
- AAP
Aussie stocks inch higher, driven by resources
AdvertisementAdvertise with NZME.