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MELBOURNE - The Australian share market closed in positive territory for the first time since Monday after gains from the energy and resources sectors.
At the close, the benchmark S&P/ASX200 index was 62 points higher at 5592.1, while the broader All Ordinaries gained 57.4 points to 5691.2.
At
1615 AEST on the Sydney Futures Exchange, the June share price contract was 66 points higher at 5609, on a volume of 20,387 contracts.
CMC Markets senior dealer Dominic Vaughan said a surge in the oil price to US$127.79 a barrel overnight prompted renewed interest in the energy sector today.
"Gas-related stocks also regained some momentum, while the big miners, including BHP Billiton and Rio Tinto, also put on some gains," Mr Vaughan said.
"Financial stocks started in positive territory, although they failed to maintain the momentum."
BHP Billiton picked up $1.50, or 3.53 per cent, to $44.00, while rival Rio Tinto added $2.58, or 1.91 per cent, to 137.53.
The market got off to a positive start following a strong lead from Wall Street overnight, with the Dow Jones industrial average gaining 213.97 points, or 1.73 per cent, to close at 12,604.45.
Locally, the energy sector was mixed, with Woodside adding $1.95 to $60.58, Santos putting on 75 cents to $21.35 and Oil Search losing 17 cents to $5.87.
The banking sector was mixed, with Commonwealth Bank putting on 70 cents to $43.40, Westpac adding 41 cents to $22.75, ANZ shedding one cent to $20.74 and National Australia Bank falling 41 cents to $29.52.
Spotless Group jumped 29 cents to $3.20 after the company allowed its takeover offer for Programmed Maintenance Services to lapse because the target's annual earnings fell short of what it wanted.
Programmed lost 19 cents to $4.31.
Australian Infrastructure Fund (AIF) lost two cents to $2.44 and says changes to Qantas flights will, on balance, be positive for the fund.
Troubled property investor City Pacific shed two cents to 54.5 cents and said it may offer investors in one of its funds ordinary shares in the parent company.
The retailers were mixed, with Wesfarmers adding 62 cents to $38.10, Woolworths picking up 81 cents to $28.32, David Jones losing 11 cents to $3.44 and Harvey Norman shedding 13 cents to $3.35.
The media sector was stronger, with Consolidated Media Holdings adding one cent to $3.43, News Corp picking up 15 cents to $19.45, its non-voting shares gaining 25 cents to $18.83 and Fairfax climbing four cents higher to $3.40.
WorleyParsons added $1.66 to $37.85 after Australia's largest engineering group acquired Canadian mining, marine and infrastructure specialist Westmar Consultants Inc for $48.7 million.
The spot price of gold was higher and at 1623 AEST was trading at US$881.70 an ounce, up US$4.00 on yesterday's local close of US$877.70 an ounce.
The gold miners were mixed, with Newmont adding 11 cents to $4.96, Newcrest losing 82 cents to $29.95 and Lihir steady at $2.97.
Admiralty Resources was the most traded stock on the market, with 175.4 million shares changing hands, collectively worth $41.7 million.
The resources company added six cents to close at 25.5 cents.
Preliminary market turnover reached 1.89 billion, worth $5.13 billion, with 658 stocks up, 598 down and 351 unchanged.
- AAP
