Strength in resources and banking stocks has pushed the Australian share market higher despite the continuation of a US Congressional stand-off over budget negotiations.
Firmer commodities prices and positive Chinese economic data drove buoyed local investors, IG market strategist Chris Weston said.
That came after falls on Wall Street and European markets as the partial US government shutdown entered its third day.
“Right now it doesn’t seem like there are a huge amount of reasons to panic because people do believe we are going to get something cobbled together,” Mr Weston said of the US talks.
Mining giant BHP Billiton gained 29 cents to $35.60, Rio Tinto added 49 cents higher at $60.67, but Fortescue Metals fell in late trade, losing one cent to $4.77.
The gold price also posted strong gains, pushing Newcrest Mining up 35 cents, or 3.2 per cent, to $11.30.
The big four banks were all higher, with National Australia Bank up 37 cents to $34.89, Westpac up 21 cents to $32.64, ANZ up six cents to $30.96 and Commonwealth Bank three cents higher at $71.70.
Construction giant Leighton Holdings was one of the day’s biggest losers, dropping $2.04, or 10.4 per cent, to $17.54, after media reports of allegedly corrupt practices in Leighton’s international operations.
KEY FACTS
* At the close on Thursday, the benchmark S&P/ASX200 index was up 19.3 points, or 0.37 per cent, at 5,234.9.
* The broader All Ordinaries index was up 17.1 points, or 0.33 per cent, at 5,232.
* The December share price index futures contract was 17 points higher at 5,229, with 21,670 contracts traded.
* National turnover was 1.3 billion securities worth $2.5 billion.
