MELBOURNE, Nov 15 (Reuters) - Australian shares touched a record high on Monday after strong metal and gold prices drove resource and mining stocks higher, while phone group Telstra Corp climbed after it completed a share buyback.
The benchmark S&P/ASX 200 Index ended up 0.47 per cent, or 18.1 points, at
3,880.6 after hitting a new record high of 3,882.3 according to latest available data.
Mining giants BHP Billiton and Rio Tinto mostly led the gains. Both blue chips rose more than a per cent each as London Metal Exchange copper prices held firm, supported by concerns about tight supplies and a weak US dollar.
"We think strength from China and a more disciplined supply side will keep prices high," said Peter Harris, senior analyst with Commonwealth Securities.
"We think the US economy will continue to grow reasonably strongly. We think China's growth will slow but to a more sustainable level," he said.
BHP Billiton shares ended up 1.1 per cent at A$14.42. The company also said it had discovered hydrocarbons at a well in the Gulf of Mexico. Separately, it has agreed to sell its oil interest in the Timor Sea to energy group Paladin Resources PLR.L for $150 million.
Fellow minor Rio Tinto rose 1.3 per cent to A$38.65.
Telstra Corp. put on 0.4 per cent to A$4.73 after the country's leading telco said it completed a A$750 million ($577 million) buyback at A$4.05 a share, the lowest price in the tender range.
National Australia Bank fell 1.8 per cent, or 50 cents, to A$27.95, after it paid out an 83 cent dividend. Other banking stocks were higher with Commonwealth Bank up 0.7 per cent at A$31.83.
Among gold stocks, Newmont Mining gained 0.8 per cent to A$6.41, Newcrest rose 1.3 per cent at A$18.11 and Lihir Gold climbed 1.6 per cent to $1.26.
Gold matched a 16-year high in Asian trade of $438.80.
Shares in steelmaker OneSteel climbed 1.5 per cent to A$2.73 after it said trading for the first four months of this fiscal year has been robust and it expects to meet market expectations for full-year net profit.
Lend Lease, which has launched a A$7.5 billion bid for GPT, rose 0.5 per cent to A$11.38 after Westfield Group emerged with a 4.8 per cent stake in GPT ahead of a shareholder vote on the Lend Lease offer on Wednesday.
GPT shares were down 1.1 per cent at A$3.67, while Westfield stock was flat at A$15.48.
MELBOURNE, Nov 15 (Reuters) - Australian shares touched a record high on Monday after strong metal and gold prices drove resource and mining stocks higher, while phone group Telstra Corp climbed after it completed a share buyback.
The benchmark S&P/ASX 200 Index ended up 0.47 per cent, or 18.1 points, at
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