The Australian share market gave up earlier gains to finish slightly higher following a positive lead from Wall Street.
At 1615 AEST on Thursday, the benchmark S&P/ASX200 index was up 14.8 points, or 0.34 per cent, at 4,375.2, while the broader All Ordinaries index was up 11.1 points, or 0.25 per cent, at 4,445.
On the ASX 24, the June share price index futures contract was down nine points at 4,380, with 27,490 contracts traded.
IG Markets analyst Stan Shamu said investors sold off resources stocks in afternoon trade due to concerns about falling demand in China.
“When we walked in today we were looking at gains of above 4,400 points and it looked really promising but now we’ve seen quite a bit of profit taking,” Mr Shamu said.
He said slower sales growth of Caterpillar machinery in China may have led to pessimism among Australian miners.
The world’s biggest miner BHP Billiton closed just two cents higher after rising almost one per cent in morning trade.
Rio Tinto shares were 66 cents higher at $66.16 while Fortescue Metals Group was 2.2 per cent lower at $5.68.
Television stocks were punished after Seven West Media cut its earnings forecasts.
Seven West shares tumbled 86 cents, or 22.8 per cent, to $2.91.
Southern Cross shares were 4.1 per cent lower at $1.31 and Prime Media stocks were 2.7 per cent lower at 72 cents.
Fairfax media shares were two cents lower at 70 cents while Ten Network shares were steady at 81.5 cents.
Telstra shares gained four cents to $3.51, its highest level since August 2009.
The four major banks all had gains.
Blockbuster profits from Apple and a solid showing by Boeing pumped up US markets, with a late boost coming from a slightly improved growth outlook from the US Federal Reserve.
Apple’s shock profits report – net income nearly doubled from a year ago to $US11.6 billion ($A11.28 billion) – gave its stock an 8.9 per cent boost to drive the Nasdaq market up for a 2.3 per cent gain.
The broad-based S&P 500, which includes both Apple and Boeing, gained 18.72 (1.36 per cent) to 1,390.69.
National turnover was 2.1 billion shares worth $4.5 billion, with 487 stocks up, 536 stocks down and 489 unchanged.
