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SYDNEY - The Australian sharemarket ended the week slightly higher, with resource stocks leading the charge on a day of light trading volume due to the Sydney public holiday.
At the 1615 AEST close, the benchmark S&P/ASX200 index finished up 27.4 points to 6278.4 and the All Ordinaries had gained 31.2 points to 6296.5.
On the Sydney Futures Exchange, the September share price index contract closed up eight points to 6282 on a volume of 6,271 contracts.
CMC Markets dealer Matthew Lewis said today's performance came after a positive lead from the overseas markets.
"Australian resource and commodity stocks have been the key drivers of the market today," he said.
"Both BHP Billiton and Rio Tinto hit six-week highs after a strong performance in their UK-based listings overnight.
"Base metals were also strong, with copper, zinc and nickel prices all advancing."
Mr Lewis said the gold miners also experienced strong gains, with a US$13 surge in the gold price, which rose above US$700 an ounce in overseas trade overnight.
Traders were heavily dealing in Woodside Petroleum shares, he said, with crude oil prices rising to a five-week high.
"Woodside would also benefit from the recent signing of another contract to sell liquefied natural gas (LNG) to Chinese energy company PetroChina."
Mr Lewis said the finance and banking sector had been the only drag on the index, with all four major banks weaker following continuing fears over sub-prime problems and credit tightening concerns in money markets.
At close mining giant BHP Billiton had gained 85 cents to end at A$39.75, rival Rio Tino was up A$2 to A$101, and Alumina rose 16 cents to A$6.94.
Among the top four banks, Commonwealth finished 33 cents weaker to A$54.67, National Australia Bank down 30 cents to A$39, Westpac was down eight cents to A$26.65, while ANZ ended 17 cents lower to A$28.42.
The strong rise in Rio Tinto Ltd shares, which once again punched through the A$100 mark, followed speculation that the resources giant was again on the radar of rival BHP Billiton.
In the energy sector, Woodside gained 53 cents to A$46.63, Santos finished up seven cents to A$13.06 and Oil Search had advanced two cents to A$3.6, all on the back of high crude oil prices.
Telstra closed down three cents at A$4.27, with its instalment receipts four cents lower to A$2.77.
Media giant News Corp finished 49 cents higher to A$27.09, its non-voting scrip was up 78 cents to A$25.51, while Publishing and Broadcasting was up nine cents to A$18.49 and Seven Network was up 26 cents to A$12.13.
Fairfax dropped three cents to A$4.49 and Ten Network was down two cents to A$2.61.
In retail, Woolworths closed up eight cents to A$29.95, Coles Group was 21 cents higher to A$14.57, but Wesfarmers was down 10 cents to A$38.55.
The Sydney spot price of gold was US$693.25, up US$9.55 from yesterday's closing price of USA$683.70.
Gold miner Newcrest ended up 68 cents to A$24.99, Newmont mining gained 18 cents to A$5.37, as did Lihir Gold, up 18 cents to A$3.34, despite its half-year output from its namesake mine in Papua New Guinea hampered with operations suspended due to a strike.
Empire Oil and Gas was the top traded stock of the day by volume, with 189.8 million shares worth A$5 million changing hands, as shares ended 0.3 cents higher to 2.8 cents.
Preliminary market turnover was 1.57 billion stocks changing hands worth A$3.38 billion, with 706 stocks closing higher, 496 lower and 333 unchanged.
- AAP