SYDNEY- The Australian share market closed higher with the energy and mining sectors leading the way on stronger commodity prices and merger activity.
At 1615 AEDT the benchmark S&P/ASX200 index was up 19.5 points, or 0.42 per cent, at 4,673.5, while the broader All Ordinaries gained 19.6 points, or 0.42
per cent, to 4,687.8.
On the Sydney Futures Exchange, the December share price index contract was six points lower at 4,668, on volume of 99,030 contracts.
After reaching an intraday high of 4,691 the S&P/ASX200 dropped in early-afternoon trade before recovering some ground ahead of the close.
IG Markets analyst Cameron Peacock said the gains came in all sectors but the energy, healthcare and property sectors led the way as volumes remained low ahead of Christmas.
Among the oil companies, Santos gained five cents to $13.61 and Oil Search was almost 2.2 per cent higher, up 12 cents, to $5.52, while Woodside remained in a trading halt at $47.18.
After suffering from recent falls in oil prices, the sector was buoyed by the acquisition of explorer XTO Energy by US oil giant ExxonMobil, traders said.
The big miners were also higher, with BHP Billiton up 45 cents at $41.10 and rival miner Rio Tinto adding 34 cents to $70.85.
"The weaker US dollar overnight and broadly higher base metal prices are also seeing our miners back in vogue today," Mr Peacock said.
"Whether the apparent easing of the Dubai debt situation and quietening speculation of US rate hikes is enough to reinvigorate the risk trade is yet to be determined."
Gold stocks were also higher, with Lihir Gold up four cents at $3.30 and Newcrest adding 71 cents to $35.89.
At 1622 AEDT, the spot price of gold in Sydney was $US1,124.50 per fine ounce, down $US1.78 US cents on Monday's closing price of $US1,126.28.
Among the banks, Commonwealth lost eight cents to $52.72, Westpac gained nine cents to $23.80, National Australia Bank added two cents to $27.99 and ANZ rose 27 cents to $21.43.
AXA shares gained six cents to $5.78 while AMP dropped three cents to $6.20.
Among other insurers, QBE was 17 cents higher at $23.34 and Suncorp-Metway lost six cents to $8.48.
In the property sector, Mirvac added 5.5 cents to $1.515, Stockland lifted by four cents to $3.93 and GPT Group closed up one cent to 57 cents.
GPT said on Tuesday it had sold another two non-core assets to reduce its exposure to the volatile tourism sector.
Pharmaceuticals maker CSL added 22 cents to $30.60 and Primary Healthcare was up 14 cents to $5.83.
Making news, wealth manager Perpetual bought advisory firm Fordham Group for $35 million as it sought to expand its business among high net worth individuals.
Perpetual was up five cents to $36.89.
Apollo Gas, a holder of exploration licences in NSW, doubled its share price 40 cents after its stock exchange listing.
Qantas gained two cents to $2.69 and Virgin Blue Holdings lost one cent to 55 cents.
Telstra shed four cents to $3.49.
Empire Oil and Gas was the top traded stock by turnover, with 114.4 million shares changing hands for $1.33 million.
Empire shares lost 0.1 cents, or 7.69 per cent, to 1.2 cents.
Preliminary national turnover reached 2.17 billion shares, worth $4.18 billion, with 558 stocks up, 512 down and 333 steady.
- AAP
Commodity prices push Aussie market higher
SYDNEY- The Australian share market closed higher with the energy and mining sectors leading the way on stronger commodity prices and merger activity.
At 1615 AEDT the benchmark S&P/ASX200 index was up 19.5 points, or 0.42 per cent, at 4,673.5, while the broader All Ordinaries gained 19.6 points, or 0.42
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