The share market has closed higher as prices for commodities such as gold and copper improved, though iron ore continued its fall.

While the mining giants lost ground, most other companies in the resources and energy sector rose, as did financial and many retail stocks.

“Clearly, a good bounce in commodity prices overnight has helped the market,” CMC chief market strategist Michael McCarthy said.

“Although iron ore stocks are not performing today, just about every other resource-related stock is.

“That buoyancy appears to be spreading across the market.”

Mr McCarthy said some of the market’s gains could also be a result of investors covering short positions ahead of the Easter holiday break.

BHP Billiton dropped 12 cents to $30.22, Rio Tinto lost 63 cents to $55.78 and iron ore pure play Fortescue Metals shed 7.5 cents to $1.82, its lowest price in six years.

BC Iron shed 1.5 cents to 34.5 cents after it continued to cut costs, saying it will end a mining, crushing and screening contract earlier than planned.

Gold miner Newcrest gained 64 cents to $13.78, oil and gas producer Woodside Petroleum added 27 cents to $34.15 and Santos picked up two cents at $6.95.

Troubled mining equipment and machinery maker Bradken soared 35 cents, or 18 per cent, to $2.29 after it rejected a $427 million takeover proposal.

Among the major banks, Commonwealth Bank climbed $1.08 to $94.40, National Australia Bank improved 26 cents to $38.69, ANZ lifted 22 cents to $36.67 and Westpac advanced 27 cents to $39.45.

QBE jumped 63 cents, or 4.9 per cent, to $13.42 after forecasting a 30 per cent lift in full year dividend.

KEY FACTS

* At the close on Thursday, the benchmark S&P/ASX200 index was up 37.8 points, or 0.64 per cent, at 5,898.6 points.

* The broader All Ordinaries index was up 36.8 points, or 0.63 per cent, at 5,869.7 points.

* The June share price index futures contract was 46 points higher at 5,894 points, with 20,639 contracts traded.

* National turnover was 1.3 billion securities worth $4.12 billion.