Market rises despite miners’ falls

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The share market has overcome more heavy falls by miners to post a sixth straight gain.

After a steady start to the session the market lifted in afternoon trade due to gains in almost all sectors.

The exception was the resources sector, with more heavy falls taken by gold miners as the price of the precious metal continues to slide.

Rivkin Securities chief executive Scott Schuberg said commodity markets have been the scene of most of the action in recent days.

“Equity investors have gotten very relaxed after the Greek debt deal issues subsided, which has resulted in some fairly muted activity on global stock markets,” he said.

“This has shifted focus to commodities where precious metals markets have been volatile.”

After a 10 per cent fall on Monday, Newcrest dropped another 18 cents to $11.69, while Evolution Mining shed 2.5 cents to 94.5 cents despite reporting a record quarter of production.

Most other miners also fell, with BHP Billiton dropping 17 cents to $26.82 and Rio Tinto shedding 49 cents to $53.38.

But the majority of the market’s other heavyweights enjoyed gains.

Among the banks, National Australia Bank lifted 33 cents to $34.77, ANZ added 20 cents to $33.05, Westpac gained 30 cents to $34.90, while Commonwealth Bank bucked the trend to drop 26 cents to $88.10.

Woolworths gained 18 cents to $28.76 and Coles owner Wesfarmers added 30 cents to $42.22.

Oil Search was one of the best performers, adding 27 cents to $7.22 after lifting its full year production target.

KEY FACTS

* At 1615 AEST on Tuesday, the benchmark S&P/ASX200 index was up 19.8 points, or 0.35 per cent, at 5,706.7 points.

* The broader All Ordinaries index was up 19.5 points, or 0.34 per cent, at 5,588.5 points.

* The September share price index futures contract was up eight points at 5,650 points, with 23,645 contracts traded.

* National turnover was 1.85 billion securities worth $4.4 billion.