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MELBOURNE - The Australian share market closed at a record high today, boosted by a positive lead from United States markets but more so by pleasing production figures from global miner BHP Billiton and gold miner Newcrest Mining.
CMC Markets market analyst David Land said the resources sector
accounted for most investor interest today.
"The reporting of the output numbers from BHP and Newcrest were probably the areas that gained the most attention," Mr Land said.
Mr Land said the major banks and some of the big insurers also had solid performances.
On the downside, oil and gas producer Oil Search's downgrade of full year production forecasts had seen its share price fall.
At the 1615 AEST close, the benchmark S&P/ASX200 index was up 31.9 points to 6422.3, surpassing the prior record close of 6400.6 set on July 9, 2007.
The All Ordinaries lifted 27.7 points to 6455.5, beating its previous finishing peak of 6429.5, also set on July 9, 2007.
On the Sydney Futures Exchange, the September share price index contract added 35 points to 6415 on a volume of 14,515 contracts, according to preliminary figures.
In the resources sector, BHP Billiton rose 50 cents to A$38.78 after posting full-year production records in copper, iron ore, nickel and a host of other products.
Rio Tinto was 40 cents lower at A$99.50.
In the gold sector, Newcrest Mining jumped A$1.59, or 6.5 per cent, to A$26.07, after posting record gold production in the fourth quarter of the 2006/07 financial year and flagging further improvements at its Telfer mine.
Sino Gold Mining lifted 21 cents to A$6.50, after it recovered 9,840 ounces of gold in the second quarter at its Jinfeng gold mine in southern China, following the start of gold production there in mid-May.
The price of gold in Sydney at 1621 AEST was US$681.40 per fine ounce, down US$1.90 on yesterday's close.
Oil and gas producer Woodside Petroleum was 77 cents lower at A$45.18, and Santos reversed 30 cents to A$14.03.
Oil Search shed 22 cents to A$4.12
On Wall Street overnight, the Dow Jones industrial average rose 92.34 points to 13,943.42.
Among the major banks, the National Australia Bank was 24 cents higher at A$40.62, Westpac gained 10 cents at A$26.80, Commonwealth Bank was 17 cents richer at A$56.72, and the ANZ was steady at A$29.39.
Elsewhere in the financial sector, hedge fund manager HFA Holdings soared 43 cents to A$2.75 on news of a profit upgrade and a A$700 million-plus acquisition in the United States.
Financial services provider AXA Asia Pacific eased two cents to A$7.75 despite recording a 53 per cent surge in first-half net inflows into its insurance and funds management operations after changes to superannuation legislation.
Telco Telstra found three cents at A$4.80, and Optus-owner Singapore Telecommunications nudged up one cent to A$2.65.
Retailer Coles Group was steady at A$15.14, and Woolworths firmed eight cents to A$27.68.
In the media sector, News Corp was down 12 cents to A$27.60 while its non-voting stock retreated nine cents to A$25.65.
Publishing and Broadcasting surrendered 24 cents to A$19.16, and Fairfax found four cents at A$4.95.
Among other stocks, national carrier Qantas gained six cents to A$5.84 as it launched a new class for economy passengers travelling on long-haul flights.
Metal recycler Sims Group dipped 10 cents to A$28.50 despite raising its full-year earnings guidance on the back of a strong fourth quarter.
Building society Wide Bay Australia was up 11 cents at A$12.40 after launching a A$46 million takeover bid for Mackay Permanent Building Society Ltd. Mackay Permanent was 36 cents better off at A$7.36.
Pharmacies operator and drugs distributor Australian Pharmaceutical Industries edged up one cent to A$2.01 as it sold its House homewares brand for A$8.5 million.
The top-traded stock by volume was oil and gas explorer Lakes Oil, with 234.1 million shares worth A$3.03 million changing hands.
Lakes Oil was up 0.3 cents at 1.4 cents.
Preliminary national turnover was 2.34 billion shares worth A$6.88 billion, with 709 stocks up, 584 down and 347 unchanged.
- AAP