Australian stocks reverse early losses

File photo / NZ Herald

The Australian sharemarket reversed its early losses to close higher, buoyed by healthcare, energy and bank stocks.

The benchmark S&P/ASX200 index closed up 20.2 points, or 0.44 per cent, at 4618.5 points, while the broader All Ordinaries index added 16.5 points, or 0.35 per cent, to 4706.7 points.

On the ASX24, the December share price index futures contract was 28 points higher at 4625 points, with 36,048 contracts traded.

In healthcare, Cochlear gained A$2.20, or 2.79 per cent, to A$80.95, Sonic Healthcare added 15c, or 1.28 per cent, to A$11.88 and CSL was 24c higher at A$35.24.

Rising oil prices boosted energy stocks, with Woodside adding 76c to A$41.71, Oil Search gaining 3c at A$6.73 and Santos up 6c to A$12.37.

Agricultural chemicals supplier Nufarm was among the best performers, adding 21c, or 4.95 per cent, to A$4.45.

Among the banks, Commonwealth gained 99c to A$48.57, Westpac rose by 40c to A$21.55, ANZ Banking Group added 26c to A$22.78 and National Australia Bank was unaffected by its technical woes to close 30c higher at A$23.53. AMP lost 2c to A$5.09 and AXA lost 2c to A$6.18 after they signed documents to begin AMP's takeover of the wealth manager.

In the resources sector BHP Billiton added 4c to A$43.24 and Rio Tinto lost 20c to A$83.84, while Fortescue shed 11c to A$6.54 and Iluka lost 6c to A$7.59.

Gold miner Newcrest lost 60c to A$39.77 as the spot price of gold in Sydney was US$1360.70 per fine ounce, down US$9.80 on Friday's closing price of US$1370.50.

Telstra shares shed 1c to A$2.84. Leighton shares dropped 2c to A$31.91.

Baraka Petroleum was the top traded stock by volume, with 165.4 million shares traded. Baraka shares gained 0.2 of a cent, or 33 per cent, to 0.8 cents.

- AAP