The Australian share market has finished its third straight session of strong gains, led higher by the nation’s big resources companies and banks.
Morgans private client adviser Matthew Macdonald said the Australian share market followed positive leads from the US and Europe as well as strong performances on Asian markets.
“We’ve followed those leads and the miners are bouncing back,” Mr Macdonald said.
He said a stronger Australian dollar and higher oil and iron ore prices were adding to the positive momentum.
Mining giant BHP Billiton was 52 cents, or 3.1 per cent, higher at $17.25 after a $US2.3 billion settlement for the Samarco dam disaster in Brazil was reached, lower than many had speculated.
Rio Tinto rose 90 cents, or 2.1 per cent, to $44.20 and Fortescue Metals added 15 cents, or 6.7 per cent, to $2.40.
The big four banks were all higher, with ANZ gaining 70 cents, or 2.9 per cent, to $24.80, Commonwealth Bank rose 97 cents, or $1.31, to $74.91, National Australia Bank lifted 82 cents, or 3.2 per cent, to $26.37 and Westpac added 54 cents, or or 1.8 per cent, to $31.23.
Brent crude was up 11 US cents, or 0.30 per cent, at $US36.92 a barrel, while WTI, or US crude was up 28 US cents at $US34.68.
KEY FACTS:
* At the close on Thursday, the benchmark S&P/ASX200 index was 59.9 points, or 1.19 per cent, higher at 5,081.1.
* The broader All Ordinaries index was up 58.7 points, or 1.15 per cent, at 5,142.2.
* The March share price index futures contract was 63 points higher at 5,076, with 34,695 contracts traded.
* The price of gold in Sydney at 1700 AEDT was $US1,239.00 per fine ounce, up $US12.05 on Wednesday’s price of $US1,226.95.
* National turnover was 2.8 billion securities traded, worth $7.6 billion.
