Australian stocks: Shares continue upward trend

Telstra shares advanced four cents to $5.14 while rival and Optus owner Singapore Telecommunications rose two cents to $2.19.

Qantas shares were steady at $3.34 and Virgin Blue inched one cent higher to $1.67.

In the media sector Ten Network was unchanged at $3.61, rival Seven Network found 19 cents to $7.43 while Channel Nine owner PBL climbed four cents to $15.67.

News Corp skidded 13 cents lower to $23.11 while the company's non-voting shares also lost ground, dropping 11 cents to $21.85.

The spot price of gold was US$425.20 per ounce at 1630 AEST, up 20 US cents on yesterday's local close.

Newcrest fell nine cents to $16.60, Lihir Gold edged half a cent higher to $1.28 and Newmont Mining slide three cents lower to $5.05 ahead of its quarterly report due on Thursday.

On preliminary figures the top traded stock was information technology outfit Multiemedia with 158.60 million shares traded for a total value of $3.87 million, pushing the stock down 0.4 cents to 2.3 cents.

National turnover was 1.02 billion shares valued at $2.81 billion with 504 stocks rising, 461 falling and 331 unchanged.

- AAP