Aust stocks at 15-month high

PERTH - Banks and cosumer staples stocks pushed the Australian share market to a 15-month high as profit taking drove mining stocks lower.

The benchmark S&P/ASX200 index was up 12.7 points, or 0.26 per cent, at 4,912.1 points, while the broader All Ordinaries index had gained 11.7 points, or 0.24 per cent, to 4,942.2 points.

On the Sydney Futures Exchange at 1626 AEDT, the March share price index contract was 12 points higher at 4,896 on a volume of 14,904 contracts.

CMC Markets analyst David Taylor said the strong performance of the consumer staples sector could relate to better-than-expected retail sales figures released on Thursday "or just a simple move out of resources and into defensives by some of the bigger players".

Billabong jumped 58 cents, or 5.29 per cent, to $11.55 while Coca-Cola Amatil rose 18 cents, or 1.62 per cent, to $11.29.

Among retail stocks, Coles owner Wesfarmers advanced 76 cents to $31.46 and Woolworths added 24 cents to $28.09.

Mr Taylor said profit taking had also driven mining stocks lower following positive forecasts for iron ore demand this week.

BHP Billiton was down 15 cents at $43.62, Rio Tinto inched one cent higher to $79.01, Fortescue Metals Group slipped 11 cents to $5.06, OZ Minerals retreated 3.5 cents to $1.24 and Atlas Iron was eight cents weaker at $2.15.

Commonwealth Bank was up 72 cents at $56.16, National Australia Bank fell nine cents to $26.90, Westpac added 10 cents to $25.15, ANZ put on 13 cents to $22.25 and Macquarie Group advanced 41 cents to $48.90.


Gold stocks were weaker after the precious metal's spot and futures prices eased overnight.

Lihir dipped five cents to $3.36 and Newmont inched two cents lower to $5.30.

Newcrest shed 95 cents, or 2.56 per cent, to $36.20 after saying it had been granted planning approval for its $2 billion Cadia East project near Orange in NSW.

The spot price of gold in Sydney at 1630 AEDT was $US1,124.70 per fine ounce, down $US9.18 from Thursday's close of $US1,133.88.

Energy stocks were mostly weaker on the back of lower crude oil prices.

Woodside was 20 cents lower at $48.70, Oil Search gained eight cents to $6.16 and Santos retreated 15 cents to $14.29.

In the headlines on Friday, logistics company Brambles says it had completed a process of rejuvenating its leadership team.

Brambles shares were up two cents at $7.04.

Shares in CBH Resources are in a trading halt, pending an announcement by the company amid speculation it may be set to announce a deal with fellow zinc, lead and silver miner Perilya or a takeover bid from London-based Nyrstar NV.

CBH last traded at 14.5 cents, while Perilya, which continues to trade, was 1.5 cents lower at 68 cents.

The media sector was mixed.

News Corp dropped 13 cents to $17.83, its non-voting scrip shed 27 cents to $15.23, Fairfax was down 2.5 cents at $1.72 and Consolidated Media gained seven cents to $3.07.

The top-traded stock by volume Verus Investments, with 214.55 million shares worth $9.26 million changing hands.

Its shares jumped 0.6 cents, or 15.38 per cent, to 4.5 cents.

Preliminary market turnover was 1.99 billion shares worth $3.21 billion, with 582 stocks up, 535 down and 320 unchanged.

- AAP