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MELBOURNE - The Australian stock market bounced back today, shrugging off concerns over impacts from the strong Aussie dollar and finding hope in mostly better base metal prices.
At the 1615 AEST close, the benchmark S&P/ASX200 index was up 55.1 points to 6384.2, while the All Ordinaries gained 51.8 points to 6419.
On the Sydney Futures Exchange, the September share price index contract was 53 points higher at 6384 on a volume of 14,989 contracts, according to preliminary figures.
ABN Amro Morgans private client adviser Lisa Jarvis said both the banks and miners had fared well today despite some fears the soaring Australian dollar would affect commodity exporters.
As well, the finance sector may have gained confidence as the likelihood of a US interest rate rise waned.
"It's been a very strong market given the situation and even a negative lead from offshore," Ms Jarvis said
"I guess they felt they might not be looking at a rate rise in the immediate term, which might have helped things.
"It's been an all-round recovery day today."
Among the major miners, Rio Tinto was 45 cents better at A$97.45 and BHP Billiton put on 25 cents to A$37.68.
Among the major banks, National Australia Bank added 66 cents to A$40.70, Westpac gained 27 cents to A$26.74, ANZ picked up 19 cents to A$29.64, and the Commonwealth Bank was 69 cents richer at A$56.35.
Ms Jarvis said the gold miners had been among the biggest movers in the large capitalisation companies as the price of gold improved.
At 1625 AEST Sino Gold Mining had surged 6.15 per cent, putting on 35 cents to A$6.04 and AngloGold Ashanti surged 3.89 per cent, adding 38 cents to A$10.14.
The price of gold in Sydney at 1426 AEST was US$672.20, up US$2.80 on yesterday's close of A$669.40.
Other gold stocks gained, Newmont was 18 cents stronger at A$4.88, Newcrest won 71 cents to A$24.57, and Lihir gained six cents to A$3.13.
Energy stocks were mostly better, with Oil and gas producer Santos firming 42 cents to A$14.44 and Oil Search adding 15 cents to A$4.35.
Woodside Petroleum found 71 cents to A$46.42 despite reporting a dip in production during the second quarter of 2007.
But Petsec Energy suffered, losing 1.5 cents to A$1.535 after again downgrading its production forecast for the full year due to a delay getting the necessary permits at one of its projects.
Australia's largest investment bank Macquarie Bank picked up 84 cents to A$91.74 after reporting its first quarter earnings had risen substantially and its outlook was for continued strong growth.
Leighton Holdings lost 87 cents to A$41.43 even though its subsidiary Leighton Contractors Pty Ltd won a A$500 million-plus Queensland coal mining contract with Sonoma Mine Management Pty Ltd.
The retailers were mostly better, with David Jones two cents stronger at A$5.63 and Woolworths gaining 20 cents to A$27.95.
But lingering doubts over Wesfarmers A$22 billion pitch for Coles drove both stocks down.
Wesfarmers finished 49 cents off at A$41.01 and Coles lost five cents to A$15.24.
Telco Telstra gained seven cents to A$4.69 but rival Optus-owner Singapore Telecommunications was two cents worse at A$2.59.
In the media sector, News Corp was two cents poorer at A$27.96 and its non-voting scrip was three cents down at A$25.96.
Publishing and Broadcasting was 15 cents up at A$19.50 but Fairfax lost one cent to A$5.00.
The top-traded stock by volume was gold explorer and producer Republic Gold, with 122.81 million shares worth A$4.55 million changing hands.
Republic Gold was steady at 3.4 cents.
Preliminary national turnover was 1.81 billion shares worth A$6.18 billion, with 720 stocks up, 535 down and 353 unchanged.
- AAP