Australian stocks: Market finishes higher

The Australian share market finished higher for the sixth consecutive day, although lower volumes were traded due to public holidays in South Australia, New South Wales, ACT and Western Australia.

The ASX 200 was up 25 points to 5,179.

The All Ordinaries Index added 26 points to 5,139.

The Federal Government launched an advertising campaign for the third sell-off of Telstra shares.

The Government is promoting the telco's recent A$3 billion profit to try to attract buyers for the T3 float later this month. Telstra finished down one cent to A$3.70.

Construction firm James Hardie has been given another extension to finalise a compensation deal for victims of asbestos-related diseases.

The company says it has not resolved a dispute with the Australian Tax Office about whether the compensation fund should get charitable status.

The delay has angered victims, but James Hardie shares closed up nine cents to A$7.55.

Vision Systems, which makes equipment to detect cancer, received a higher takeover bid from American based company Cytyc.

Cytyc, which makes tests for cervical cancer, increased its cash offer by A$1 to A$3.35 per share.

Vision Systems recommended shareholders do not accept the bid in case two rival companies make a better offer.

Vision Systems was up nearly 14 per cent to A$3.60.

The major banks improved, with Westpac up 10 cents to A$22.81 and the Commonwealth gaining 0.3 per cent to A$45.90.

At 5:30pm AEST, the Australian dollar was buying 74.5 US cents, 58.79 euro cents, 39.85 British pence and 88.1 Japanese yen.

A barrel of west texas crude oil was trading at US$62.90 and spotgold was fetching just over US$600 an ounce.

- REUTERS