AAP
The Australian share market closed marginally higher ahead of key earnings reports by heavyweights BHP Billiton, Rio Tinto and Commonwealth Bank later in the week.
At 1615 AEDT, the benchmark S&P/ASX200 index was up 7.3 points, or 0.16 per cent, at 4,521.4, while the broader All Ordinaries index firmed 6.3 points, or 0.14 per cent, to 4,538.8.
On the Sydney Futures Exchange, the March share price index contract was eight points higher at 4,483 on volume of 32,164 contracts.
Bell Potter Securities Ltd senior client adviser Stuart Smith said the market was awaiting earnings results of BHP Billiton and Commonwealth Bank on Wednesday, followed by Rio Tinto on Thursday.
"We've had no guidance to the negative for the upcoming (earnings) season, so Wednesday will tell the tale," he said.
He said both major indices had formed a double-top charting pattern and were clinging to the 4,500-point value line.
"We've got a double-top in the market - the first one in October and the next one in January."
"The PE (price to earnings) value line at that level is a touch under 14 times historically, so I think that is a level fund managers will observe."
Westpac outshone the other major banks, jumping 64 cents, or 2.83 per cent, to $23.25 following an announcement by Treasurer Wayne Swan on Sunday that the federal government would wind back its wholesale funding guarantee for local lenders.
"Westpac got in early and raised their funds," Mr Smith said.
Commonwealth Bank firmed 10 cents, or 0.19 per cent, to $52.77, National Australia Bank (NAB) gained 16 cents, or 0.63 per cent, to $25.47 and ANZ Banking Group added seven cents, or 0.33 per cent, to $20.97.
Wealth manager and insurer AMP put on 10 cents to $6.25 after confirming its exclusitivity agreement with AXA SA had lapsed, leaving rival predator NAB to seek AXA SA's agreement to acquire AXA Asia Pacific Holdings (AXA APH).
AXA APH's stock closed steady at $6.45.
BHP Billiton rose five cents to $39.60 and Rio Tinto gained 58 cents to $67.18.
Woodside Petroleum jumped 81 cents, or 1.95 per cent, to $42.33, outpacing Oil Search, which firmed two cents, or 0.39 per cent, to $5.18.
Santos fell five cents to $13.15.
Dual-listed gold producer Newmont Mining surged 29 cents, or 5.84 per cent, to $5.26 as investors prepared for the company's delisting from the Australian Securities Exchange.
"There have been sellers who don't want an overseas stock and there have been buyers who say `we might as well mop up this stock' on the basis that they think gold is okay," Mr Smith said.
Lihir Gold advanced five cents to $2.79 and Newcrest Mining gained 37 cents to $31.52.
The spot price of gold in Sydney was trading at $US1066.50 per fine ounce by 1626 AEDT, up $US2.05 from Friday's close of $US1,064.45.
JB Hi-Fi dropped $1.03 or 5.12 per cent, to $19.07 even though its half year 2010 profit met market expectations.
Ord Minnett research analyst Richard Ivers said JB Hi-Fi shares were sold off after the announcement that chief executive Richard Uechtritz would leave the company.
Mr Ivers also said the company did not wow the market by beating expectations significantly as it had in the past.
"It was a good result but it didn't blow everybody out of the water like they normally do," he said.
Harvey Norman gained seven cents to $3.69, while Woolworths dropped 15 cents to $25.52 and Wesfarmers added 13 cents to $27.31.
Major media stocks lost ground except for free-to-air television networks, which rose after the government said it would reduce licence fees in a bid to lift investment in locally produced content and help fund the switch to digital.
Seven Network finished up 16 cents, or 2.38 per cent, to $6.88 and Ten Network Holdings surged 14.5 cents, or 9.57 per cent, to $1.66.
Fairfax Media lost 2.5 cents, or 1.45 per cent, to $1.70, News Corporation fell 45 cents, or 2.53 per cent, to $17.35 and its non-voting scrip dropped 28 cents, or 1.84 per cent, to $14.94.
In other news on Monday, explosives and fertiliser supplier Incitec Pivot Ltd said it would restart construction of its $935 million ammonium nitrate plant in central Queensland in May after an almost year-long delay.
Incitec Pivot stock gained three cents to $3.29.
AWB Ltd eased one cent to $1.00 ahead of a class action proceeding in the Federal Court on Wednesday involving over 1,000 investors seeking damages for the company's failure to disclose Iraqi kickbacks.
Verus Investments was the top traded stock by turnover, with 274.25 million shares traded for $18.96 million.
Verus stock firmed two cents, or 38.46 per cent, to 7.2 cents.
Preliminary national turnover reached 2.58 billion shares, worth $4.23 billion, with 513 stocks up, 559 down, and 340 steady.
