Australian stocks closed firmer as strong gains among mining and gold stocks pushed the broader market higher.
At 1615 AEST on Thursday, the benchmark S&P/ASX200 index was up 7.7 points, or 0.18 per cent, at 4,383.7 points, while the broader All Ordinaries index had risen 8.4 points, or 0.19 per cent, to 4,411.7 points.
On the ASX 24, the September share price index futures contract was three points higher at 4,364 points,with 25,044 contracts traded.
The local market opened about 0.4 per cent firmer, despite a mixed lead from Wall Street where the Dow Jones Industrial Average slipped 0.23 per cent and the S&P500 finished up 0.02 per cent.
Stocks extended the rally through the morning to be up about half a per cent by noon, before settling back slightly heading into the close.
Gold stocks were the best-performing sector on Thursday, gaining 4.08 per cent according to IRESS data.
The spot price of gold in Sydney was $US1,663.6 per fine ounce, up $US24.08 from Wednesday’s local close of $US1,639.52 per ounce.
Metals and minerals stocks (up 1.34 per cent), the materials sector (up 1.18 per cent) and industrial stocks (up 0.74 per cent) also had a good day.
Lonsec senior client adviser Michael Heffernan noted the positive reaction to Fortescue Metals’ full year profit on Thursday, as well as gains for mining giant BHP Billiton the day after its Olympic Dam announcement.
“The iron ore sector, despite some price softness, is doing very well,” Mr Heffernan said.
Fortescue gained nine cents to $4.24 after the miner said full year net profit rose by 53 per cent to a record $US1.56 billion, while BHP advanced 25 cents to $33.41.
Mr Heffernan said there was nothing specific behind the late afternoon slide on the broader market.
Making news on Thursday, Qantas Airways reported its first full year net loss since listing on the stock exchange in 1995 and said it would cancel firm orders for 35 aircraft.
The stock finished up three cents, or 2.56 per cent, at $1.205 and was the second-best performer on the S&P/ASX50, while rival Virgin Australia ended the day down half a cent at 45.5 cents.
Investors punished Fairfax Media after the company reported a $2.73 billion full year net loss.
The diversified publishing house was the second-worst performer on the S&P/ASX200, tumbling 9.73 per cent, or 5.5 cents, to 51 cents.
QR National said it would cut 900 jobs as part of a restructure program and left the door open for more redundancies in the future.
Shares in the rail freight company advanced eight cents to $3.55.
Preliminary national turnover was 1.8 billion securities worth $4.1 billion, with 529 stocks up, 432 down and 316 unchanged.
