Miners lead the way in Australia

The Australian sharemarket closed higher for a sixth consecutive trading day with activity subdued after the Reserve Bank left interest rates unchanged.

The benchmark S&P/ASX200 index closed up 13.3 points, or 0.27 per cent, at 4900.1 points, while the broader All Ordinaries index added 13.9 points, or 0.28 per cent, to 4998.6 points.

On the ASX 24, the June share price index futures contract was 14 points higher at 4923 points, with nearly 28,000 contracts traded.

The central bank kept the cash rate unchanged at 4.75 per cent yesterday, saying inflation was consistent with its medium-term objective of monetary policy.

CMC Markets sales trader Ben Taylor said the local bourse had weakened since the RBA announcement, with traders taking profits amid short-term high currency concerns.

"There is some sort of expectation that these mining contracts coming through at the moment will really boost the economy up ... [but] with a stronger dollar and being an export country it's not good for us."

The major miners pulled up the local bourse.

BHP Billiton performed strongly, lifting 67c, or 1.43 per cent, to close at A$47.55, while fellow mining giant Rio Tinto was 66c firmer at A$86.16.

Shares in uranium miner Extract Resources shot up 25c, or 3.13 per cent, to A$8.23 after it released positive news about the viability of its main asset, the Husab project in Namibia.

Fellow uranium miner Paladin Energy was one of the best performers on the ASX100, improving 11c, or 2.9 per cent, to close at A$3.90.

Copper miner Equinox Minerals closed up 1.09 per cent to A$7.43, after postponing a shareholder meeting to consider the takeover of Lundin Mining Corporation, after Chinese state-owned Minmetals Resources said it would make an offer for Equinox.

- AAP