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The Australian stock market closed modestly higher today, despite a flat lead from Wall Street, as investors focussed on a two per cent jump in the oil price and higher commodities prices.
At the close, the benchmark S&P/ASX200 index was up 27.3 points at 6350.9, while the All Ordinaries gained 38.4 points to 6426.4.
At 1615 AEDT on the Sydney Futures Exchange, the March share price index futures contract was 39 points higher at 6380, on a volume of 8.268 contracts.
Mining giant BHP Billiton had added 58 cents to $41.10 and rival Rio Tinto gained $2.97 to $135.41.
Oil producer Woodside Petroleum jumped $1.94, or 4.04 per cent, to $49.94. Santos found 49 cents, or 3.72 per cent, to $13.65 and Oil Search picked up five cents to $4.83.
The banks were also stronger, with Commonwealth Bank of Australia up 43 cents to $58.52, National Australia Bank up 19 cents to $38.04, ANZ up 13 cents to $27.40.
Westpac bucked the trend, falling 19 cents to $27.91.
"The market has risen on very light volume, as you would expect at this time of year," Macquarie Equities Brisbane adviser Helen Spencer said.
"The major driver of the market was the resource sector, benefitting from stonger commodity prices overnight.
"Oil and gold are up quite strongly so that's certainly helped push up BHP, Rio, Woodside and Newcrest."
Gold miner Newcrest added 90 cents, or 2.94 per cent, to $31.55, as the spot price of gold reached US$823 at 1646 AEDT, up US$13.50 on Monday's local close.
Lihir Gold firmed seven cents to $3.49 and Newmont Mining fimred one cent to $5.63.
Meanwhile airline Virgin Blue rose nine cents, or 4.55 per cent, to $2.07 after saying it would increase its fuel surcharge on ticket prices in February to offset higher jet fuel costs.
Qantas fell one cent to $5.47.
Australia's second biggest energy retailer Origin Energy lost two cents to $8.59 after a fire had forced it to close down a gas plant in Western Australia.
Healthcare firm Symbion Health lost one cent to $3.98 after predator Primary Health Care extended the offer period for its proposed $2.65 billion takeover.
Primary was steady at $11.90 and Healthscope, which also wants to by Symbion assets, added one cent to $5.40.
In the retail sector, Woolworths dropped 19 cents to $33.90 while rival Wesfarmers, which now owns Coles, also lost 19 cents to $40.29.
Harvey Norman gained six cents as retailers continued to report strong consumer activity for the Christmas holiday period.
In the media sector, News Corp fell three cents to $24.77 and its non-voting scrip lost 11 cents to $23.96, as Fairfax fell four cents to $4.69.
Telstra gave up three cents to $4.72 after the Australian Competition and Consumer Commission (ACCC) said the telco had asked permission to charge its rivals $30 per customer per month to use its copper wires in suburban areas.
The top traded stock by volume was Republic Gold, with 44.22 million shares worth $4.4 million trading.
Its shares rose 2.7 cents to 11 cents.
Preliminary national market turnover was 780.35 million shares worth $2.51 billion, with 609 stocks rising, 485 falling and 324 unchanged.
- AAP