The Australian market has closed marginally higher on a day defensive stocks shone.
The benchmark S&P/ASX200 index closed up 4.7 points, or 0.1 per cent, at 4,510.5 points on Thursday, while the broader All Ordinaries index rose 2.9 points, or 0.06 per cent, to 4,533.5 points.
On the ASX 24, the December share price index futures contract gained eight points to 4,500 points, on volume of 18,779 contracts.
The Australian market defied a weak lead from Wall Street to open in positive territory and managed to hold onto those gains through the day in quiet trading conditions.
It was the traditionally defensive parts of the market that kept the bourse in green figures, helping offset losses in the resources-related sectors.
Property companies were the best-performing sector on the market on Thursday, rising 1.43 per cent, according to IRESS data.
Mirvac, which reaffirmed earnings guidance for the full 2012/13 year, rose 2.5 cents, or 1.64 per cent, to $1.545.
Westfield Retail Trust, which announced a deal that swapped interests in seven shopping centres with AMP Capital, rose eight cents, or 2.62 per cent, to $3.13.
AMP gained four cents to $4.69.
“The defensive lead is being bought up on yield and earnings certainty over riskier plays,” CMC Markets sales trader Ben Taylor said in a research note.
“After a couple of days of falls this week progress is going to be slow.”
Other traditionally defensive market sectors such as telecoms (up 0.97 per cent), healthcare (up 0.56 per cent) and consumer staples (up 0.16 per cent) also had a good day.
Wesfarmers finished down three cents at $34.57 after reporting sales at its Coles supermarket chain rose 4.2 per cent to $8.4 billion in the 13 weeks to September 23, 2012, compared with the prior corresponding period.
On the downside, gold stocks slipped 2.48 per cent and metals and minerals companies backpedalled 0.39 per cent.
Gold miner Newcrest fell 48 cents, or 1.81 per cent, to $26.01.
Newcrest chairman Don Mercer told shareholders at the company’s annual general meeting the miner was targeting three million ounces of gold production annually within the next few years.
In other news, ANZ Banking Group said net profit for the year to September 30 rose six per cent to $5.66 billion due to improved performances from most of its businesses and cost reductions from job cuts.
ANZ ended 22 cents lower at $25.38.
The other big retail banks finished mixed – while CBA advanced 22 cents to $57.30 and NAB rose 10 cents to $26.00, Westpac fell one cent to $25.26.
The spot price of gold in Sydney finished at $US1,713.22 per fine ounce, up $US6.36 from Wednesday’s local close of $US1,706.86 per ounce.
Market turnover was 1.6 billion securities worth $3.6 billion, with 474 stocks up, 456 down and 351 unchanged.
