Flooding hits mine stocks

Westpac was the only bank to fall, down 8c. Photo / Supplied

Australian stocks made small gains as losses among big miners were offset by higher retail and industrial shares.

The benchmark S&P/ASX200 index was up 7.3 points, or 0.16 per cent, at 4712.3 points, while the broader All Ordinaries index was up 6.7 points, or 0.14 per cent, at 4818.7 points.

On the ASX 24, the March share price index futures contract was 10 points higher at 4703 points, with 17,864 contracts traded.

Further weakening of commodity prices and the ongoing flood crisis in Queensland continued to impact mining companies, with BHP Billiton down 17c, or 0.38 per cent, to A$44.45, and Rio Tinto lost 12c, or 0.14 per cent, to A$84.36.

The bank sector also weighed on the market for most of the session, but rose into positive territory in the final moments of trade.

Westpac was the only bank to fall, down 8c to A$22.07, while ANZ added 4c to A$22.96, National Australia Bank gained 10c to A$23.79 and Commonwealth Bank lifted 16c to A$50.05.

Retail stocks were among the best performers after a rise in retail spending during November, edging up 0.3 per cent, according to data released by the Australian Bureau of Statistics.

The figures met expectations, but investors reacted positively.

Myer gained 11c, or 3.25 per cent, to A$3.49, David Jones added 12c, or 2.67 per cent, to A$4.62, JB HiFi rose by 48c, or 2.73 per cent, to A$18.07 and Harvey Norman closed 2c higher at A$2.90.

Woolworths gained 9c to A$26.36 and Coles owner Wesfarmers lost 8c to A$31.20.

Several major industrial stocks also posted solid gains.

Leighton added 61c to A$31.40, while the aviation sector was strong.

Qantas added 10c, or 4.07 per cent, to A$2.56, while Virgin Blue gained 2c to 45c after signing a 10-year strategic alliance with Singapore-based regional operator Skywest Airlines.

The energy sector was another positive performer, with Santos up 25c to A$13.17, Woodside 21c higher to A$42.99, while Oil Search closed steady at A$7.00.

The spot price of gold in Sydney was US$1373.30 per ounce, up US$4.02 on Friday's close of US$1369.28.

Newcrest Mining gained 23c to A$38.84. AAP