Miners nudge stocks to third day of gains

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Miners nudge stocks to third day of gains

The Australian stock market ended higher for a third straight day as gains by miners outweighed weaker consumer stocks and banks.

The benchmark S&P/ASX200 index closed up 9.8 points, or 0.2 per cent, at 4,766.9 points, while the broader All Ordinaries index rose 10.6 points, or 0.2 per cent, to 4,851.8.

Among the sectors, materials jumped 0.9 per cent, gold shares rallied 1.6 per cent, while financials shed 0.1 per cent and consumer discretionary stocks lost 0.5 per cent.

Need2know
- The dollar was hovering at 99.5 US cents
- Asian stocks advanced on China hopes
- Oil was steady at $US88 a barrel
- Gold rose $US7 to $US1402 an ounce
- Dow futures were down 11 points at 11,355

    The Australian dollar jumped more than 1 US cent overnight and was this afternoon trading at 99.5 US cents, up from 98.54 US cents at yesterday's close. It was also buying 74.3 euro cents, 62.7 pence and 83.1 yen.

    Ord Minnetts private client adviser Jon Hancock said most of the action was in the energy sector, with AGL Energy ‘‘slammed’’ after it missed out on acquiring NSW government-owned electricity assets.

    AGL’s shares slumped 78 cents, or 4.92 per cent, to $15.07.

    ‘‘They’ve been absolutely slammed - more market perception on what AGL have been able to achieve through the auctions,’’ Mr Hancock said.

    ‘‘The perception was ... that they certainly weren’t price competitive and were left out.’’

    Origin Energy picked up the assets instead, according to media reports.

    Its shares were in a trading halt on Tuesday and last traded at $16.80.

    Miners advance

    Major resources stocks were stronger, with BHP Billiton up 21 cents at $45.65, Rio Tinto firming 13 cents ao $87.90 and Woodside Petroleum advanced strongly, adding 61 cents, or 1.43 per cent, to $43.36.

    Mr Hancock said better commodities prices overnight supported the materials and energy sectors, with copper surging more than two per cent, gold up one per cent and the Australian dollar higher in offshore markets.

    Among financials banks were mixed, with Commonwealth Bank, ANZ Banking Group and National Australia Bank losing ground as the Senate Economics Committee inquiry into banking sector competition continued for a second day.

    Westpac firmed 10 cents to $23.00.

    Bank of Queensland fell 15 cents, or 1.37 per cent to $10.82 after losing 3.52 per cent yesteday.

    Retailers ended mostly in positive territory, with grocery giant Woolworths gaining six cents to $26.46, Myer Holdings added four cents to $3.50 and Kathmandu Holdings climbed three cents to $1.30.

    Major media stocks lost ground, with News Corporation slumping 38 cents, or 2.3 per cent, to $16.13 and its non-voting scrip down 32 cents, or 2.17 per cent, to $14.40.

    Fairfax Media eased one cent to $1.40.

    PanAust was the top traded stock by volume with 80 million shares traded for $64.4 million.

    PanAust’s stock surged 8 cents, or 10.74 per cent, to 82.5 cents.

    Preliminary national turnover reached 2.59 billion shares, worth $4.51 billion, with 583 stocks up, 573 down and 360 unchanged.

    On the ASX 24, the December share price index futures contract was up 18 points at 4,778 points, with 108,098 contracts traded, a day ahead of the contract’s expiry.

    more to come

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