Close The Australian share market has posted third successive day of strong gains, lifted by resources and financial stocks and following a rally on Wall Street.
At the close, the benchmark S&P/ASX200 was up 71.1 points, or 1.8 per cent, at 3995.6, off the day's high of 4022.3, while the broader All Ordinaries had gained 70.3 points, or 1.8 per cent, to 3987.8.
Among the sectors, materials rose 2.5 per cent, energy stocks gained 1.8 per cent and financials were up 1.3 per cent.
"However, after three strong sessions, traders are beginning to take some profits off the table,'' he said, adding that he expected downbeat corporate news from the US to pull back the market a little.
need2know:
- Asian shares power to a one-month high
- The dollar is struggling to hang on to 80 US cents
- Oil steadies above $US61 amid caution on recovery
- Gold falls below $US940 as the greenback rises
- Dow futures are 35 points lower at 8508
Among the banks, Commonwealth Bank gained 59 cents to $39.41, ANZ lifted 15 cents to $16.65, and Westpac rose 22 cents to $20.18.
NAB shrugged off news its New Zealand subsidiary had lost a court case over its tax liabilities, with the bank indicating it was likely to appeal the decision. Shares were up 60 cents at $23.95.
Former St George Bank chief executive Paul Fegan has been appointed to the board of AMP (read Elizabeth Knight's comment).
AMP lifted 11 cents, or 2.3 per cent, to $4.91.
Rio surges
The major miners also were stronger.
Rio Tinto shares gained $2.32, or 4.6 per cent, to $52.40, as copper prices surged to a one-month high. Rival BHP Billiton lifted 61 cents, or 1.8 per cent, to $34.91.China's economy grew slightly stronger than expected in the second quarter, adding to the positive sentiment of the market.
Among local energy stocks, Woodside rose 51 cents to $41.40, Santos increased 35 cents to $13.92, and Oil Search grew 13 cents to $5.41.
BlueScope Steel said it expects to post a small loss for the financial year just ended due to a weaker steel market. However, the nation's biggest steel maker also said that it would restart its No.5 blast furnace at its Port Kembla steelworks in light of a modest improvement in the market in May and June.
Shares rose 19 cents to $2.77.
MIG revalues asset portfolio
Making news, Toll roads operator Macquarie Infrastructure Group says dislocation in global economic and market conditions are continuing to affect the value of its asset portfolio.
MIG securities were up 2.5 cents at $1.425.
Iluka Resources says its mineral sands sales revenue in the June quarter was down 45.7 per cent on the corresponding period last year.
Its shares added 9 cents to $3.04.
Qantas lifted 7 cents to $2.04 and Virgin Blue gained 0.5 cents to 30 cents.
Stokes lifts stake to maximum level
Kerry Stokes's Seven Network has lifted its stake in James Packer's Consolidated Media Holdings to the maximum level allowed before launching a takeover.
Seven dropped 5 cents to $5.67 and Consolidated Media added 5 cents to $2.69.
Fairfax lifted 3 cents to $1.215, Ten Network added 1 cent to $1.14, News Corp gained 33 cents to $13.17 and its non-voting scrip also lifted 33 cents, to $11.28.
Among the gold miners, Newmont was up 16 cents at $5.04, Newcrest rose 74 cents to $31.00 and Lihir Gold added 3 cents to $2.92.
Sino Gold Mining increased gold production by 51 per cent in the second quarter, and says it is on track to meet the upper end of its output guidance for calendar 2009.
Shares gained 23 cents to $5.23.
Telstra falls
Telstra shares were down 2 cents at $3.40, while rival Optus owner Singapore Telecommunications added 5 cents to $2.82.
Retailers were stronger. Coles owner Wesfarmers gained 52 cents to $23.50, Woolworths grew 59 cents to $27.42, and David Jones rose 11 cents to $4.68.
The top-traded stock by volume was Lakes Oil NL, with 198.96 million shares worth $2.4 million changing hands.Its shares were down 0.3 cents, or 21.4 per cent, at 1.1 cent.
Preliminary total turnover reached 2.21 billion shares worth $5.31 billion, with 759 stocks up, 278 down and 311 unchanged.
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