The Australian share market has firmed slightly to reach its highest close in around six years, boosted by strength in the resources sector.
CMC Markets chief market strategist Michael McCarthy said leads from overseas markets had been positive.
Also, commodity prices had been reassessed in light of improved economic growth data from China on Wednesday.
“That has been one of the key supports for the market. The resources sector has been one of the best performers all day,” Mr McCarthy said.
The repeal of Australia’s carbon tax had added to the positive momentum in the resources sector.
Mr McCarthy said the local bourse wasn’t moving much either up or down as investors awaited more earnings reports from companies in the US and the start of the Australian company reporting season in two weeks.
Based on preliminary closing data, in the resources sector, global miner BHP Billiton lifted 30 cents to $38.55, Rio Tinto climbed 81 cents to $64.75, and Fortescue Metals gained eight cents to $4.66.
Mount Gibson Iron firmed three cents to 71.5 cents after recording positive production data.
Oil and gas producer Woodside Petroleum advanced 25 cents to $41.87 after it lifted its annual production target following a double-digit rise in second quarter production levels and sales.
The major banks were mixed. ANZ rose six cents to $33.21, National Australia bank picked up two cents to $34.00, Commonwealth Bank dropped 14 cents to $81.21, and Westpac fell 25 cents to $33.64.
Department store operator David Jones was one cent higher at $3.99 after the Federal Court approved the sale of David Jones to South Africa’s Woolworths.
KEY FACTS
* At the 1615 AEST close on Thursday, preliminary figures indicated that the benchmark S&P/ASX200 index was 3.5 points, or 0.06 per cent, higher at 5,522.4 points.
* The broader All Ordinaries index was up 5.4 points, or 0.1 per cent, at 5,509.9 points.
* The September share price index futures contract at 1638 AEST was nine points higher at 5,483 points, with 26,839 contracts traded.
* Preliminary national turnover was 1.82 billion securities worth $4.56 billion.
