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SYDNEY - The Australian share market regained some strength to close higher today after riding a wave of turbulence last week caused by the US sub prime mortgage market problems.
At the 1615 close, the benchmark S&P/ASX200 index moved 75.6 points higher to 6011.6, while the all ordinaries increased 62.3 points to 6027.5.
On the Sydney Futures Exchange at 1619 AEST, the September share price index contract was up 59 points to 5993, on a volume of 25,601 contracts.
ABN Amro Morgans director of equities in Brisbane Bill Chatterton said today's finish, which was about a one per cent gain across the Australian market, was not surprising.
"After all the volatility last week, we are now seeing a little bit of stability.
"It is not surprising because last week was very volatile and really quite negative."
Mr Chatterton said there was some selective buying taking place today.
BHP Billiton finished strongly among the miners, ending 48 cents higher at A$35.14, while rival Rio Tinto closed lower, down 77 cents at A$84.00
Alumina was steady at A$6.40.
Mr Chatterton said ASX, which gained A$1.30 to A$47.00, and AMP, up 14 cents to A$10.00, also helped today's stronger market.
Banks were stronger at close, with Commonwealth finishing A$1.25 higher at A$54.60, National Australia Bank up A$1.01 to A$39.23, Westpac up 34 cents to A$26.14 and ANZ 37 cents higher to A$28.59.
In the energy sector, major stocks were mixed, with Woodside Petroleum down 39 cents to A$41.31, but Oil Search gained four cents to A$3.45 and Santos rose three cents to A$11.81.
Major media stocks ended mostly stronger, with News Corp up 22 cents to A$26.15, Fairfax Media 13 cents higher to A$4.73, Ten Network up 14 cents to A$2.64, Publishing and Broadcasting up 22 cents to A$18.30 and Seven Network 31 cents higher to A$11.00.
However, News Corp's non-voting scrip fell five cents to A$24.40.
Telstra's shares were up one cent to A$4.35, but its instalment receipts fell two cents to end at A$2.85.
Among the retailers, Coles Group gained 18 cents to end at A$14.05, Wesfarmers finished A$1.15 higher to A$40.40 and Woolworths increased 24 cents to end at A$26.60.
The spot price of gold was US$670.50 up US$6.70 from Friday's close of US$663.80.
Goldminer Newmont Mining rose seven cents to end at A$4.95, Newcrest Mining gained 66 cents to finish at A$25.78 and Lihir Gold gained nine cents to finish at A$3.19.
The most traded stock of the day was Empire Oil & Gas, which had 598.8 million shares trading worth A$19 million.
The company's share price gained one cent to 3.5 cents.
Preliminary turnover was 2.17 billion stocks worth A$5.9 billion, with 499 higher, 792 lower and 301 unchanged.
- AAP