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SYDNEY - Australian stocks closed higher but were held back from mimicking a big jump on Wall Street by heavy losses in the local building materials sector.
At 1615 AEDT, the benchmark S&P/ASX200 index was up 23.2 points to 5882.9, while the all ordinaries gained 22.4 points to
5861.7.
But After 1700 AEDT, the exchange released readjusted closing levels showing the S&P/ASX200 index was up 16.9 points to 5876.6 while the all ords ended at 5856.5, up 17.2 points.
On the Sydney Futures Exchange, the June share price index contract was trading up four points at 5,915 on a volume of 17,597 contracts.
Man Financial broker Anthony Anderson said a strong US lead of more than one per cent helped the local market finish in positive territory, and as stronger base metal prices assisted the big miners.
However, local building material stocks with exposure to the United States housing market suffered heavy losses.
"They have been hit hard," Mr Anderson said.
"And I guess it's mainly because we've got the housing statistics coming out in the States tonight, and the market's a little bit worried (about this).
"But they're really being led down by Rinker," Mr Anderson said.
"There's been reports today (that) it's been five months since it (Rinker) received the offer from Cemex - and it just hasn't gone anywhere."
Rinker, which has about 80 per cent of its business in the US, received a USA$12 billion (AA$15 billion) hostile takeover bid from the Mexican cement giant last November.
Rinker shares fell 75 cents, or 4.03 per cent, to A$17.85, James Hardie dropped 25 cents, or 2.9 per cent, to A$8.38, Boral slipped 25 cents, or 2.95 per cent to A$8.23 and CSR reversed 10 cents, or 2.78 per cent, to A$3.50.
Stock Move Price AMP +0.140 10.260 ANZ Bank +0.160 29.020 BHPBilton +0.330 28.680 CBA +0.070 49.510 NAB +0.270 40.130 NewsCorp +0.430 30.490 Rio Tinto +1.050 75.550 TelstraCp +0.050 4.340 WestpacBk +0.280 25.730 Woolwrths +0.070 27.800
Mr Anderson said fears that the Rinker deal could fall over added to investor nervousness surrounding companies involved in other takeover plays including those that failed.
"There's uncertainty surrounding the Qantas deal, Flight Centre didn't go through, Alinta fell over, and Coles hasn't gone through as well, so the market's just a little bit nervous," Mr Anderson said.
"But there are some strong sectors like the miners, who are benefiting from record copper and nickel prices."
BHP Billiton rose 33 cents to A$28.68 and rival Rio Tinto firmed A$1.05 to A$75.55.
Zinifex added nine cents to A$16.36 after the zinc and lead miner said it offered A$384 million for Canada's Wolfden Resources.
Local energy plays were mixed on a falling oil price, with Woodside Petroleum up one cent to A$36.10, Santos down seven cents to A$9.54 and Oil Search fell seven cents to A$3.42.
Banking stocks were stronger, with National Australia Bank up 27 cents to A$40.13, Commonwealth Bank up seven cents to A$49.51, ANZ up 16 cents to A$29.02 and Westpac up 28 cents to A$25.73.
Regional player Bendigo Bank added another 10 cents to A$17.15 as analysts said the premium being offered by suitor Bank of Queensland was almost too good to refuse.
Speculated takeover target Adelaide Bank rose 12 cents to A$13.80 and St George gained 50 cents to A$34.13, but Suncorp-Metway lost 51 cents to A$21.04.
Media stocks were also mixed, with Publishing and Broadcasting dropping nine cents to A$18.75, News Corp advancing 43 cents to A$30.49 and its non-voting scrip picking up 37 cents to A$28.76.
Telstra finished five cents stronger at A$4.34 as its instalment receipts expanded three cents to A$2.87.
Qantas was steady at A$5.14.
Gold miners were mixed as the spot price of gold dropped 80 US cents to A$654.80.
Newcrest Mining added 14 cents to A$22.64 and Lihir fell one cent to A$3.16.
The most traded stock by volume was Newsat Ltd, which ended 0.2 cents higher at one cent, after 129.2 million shares worth A$1.2 million changed hands.
Preliminary market turnover was 1.54 billion shares worth A$5.13 billion, with 641 companies ending higher, 530 lower and 374 unchanged.
- AAP