News Service from House Harris

Aust stocks up, off early highs as traders take money and run=3D3

INDEX MOVEMENT POSITION INDEX MOVEMENT POSITION

S&PASX200 +50.8 3748.1 Dow Jones +552.59 8835.25

All Ords +53.6 3726.0 S&P 500 +58.99 911.29

SPI contract +29.0 3782.0 Nasdaq +97.49 1596.70

GoldUSoz +10.55 725.30 Nikkei +212.80 8451.44

$AUSD -.0143 0.6563 NZSE-50 +38.045 2767.668

PERTH, Nov 14 AAP - The Australian sharemarket reversed its sharp losses ofmid week to close up over one per cent following a strong US lead and higher base metals prices overnight.

The local bourse was more than four per cent higher in morning trade but closed around 1.5 stronger, coming off as traders sold into the rally.

The benchmark S&PASX200 index was up 50.8 points, or 1.37 per cent, at 3,748.1, while the broader All Ordinaries index had risen 53.6 points, or 1.46per cent, to 3,726.0.

On the Sydney Futures Exchange at 1618 AEDT, the December share price indexfutures contract was 29 points higher at 3,782 on a volume of 34,366 contracts.

Despite the stronger finish, the big losses mid week took69 billion from the value of the All Ordinaries index compared with last Fridays's close.

IG Markets research analyst Ben Potter said mining and energy stocks contributed to today's gains, up 2.9 per cent following a rebound in the price ofoil overnight.

"Oil gained 3.7 per cent after falling to near 22-month lows ofUS54.67 per barrel," Mr Potter said.

"This was despite the International Energy Agency lowering its 2008 and 2009 demand forecasts.

"They are now expecting demand to grow by 120,000 barrels in 2008, down from a previously forecast 330,000 barrels."

Among energy stocks, Woodside was steady at36.90 after touching an intraday high of38.92, Oil Search had surged 35 cents, or 7.37 per cent, to $5.10 and Santos had gained 55 cents, or 4.25 per cent, to13.50.

Mining giant BHP Billiton had jumped1.40, or 5.6 per cent, to $26.40 and its takeover target Rio Tinto had leapt3.00, or 4.35 per cent, to $72.00.

Mr Potter said engineering group WorleyParsons was a strong performer today, up 68 cents, or 5.59 per cent, to12.85.

Stock Move Price

AMP +0.200 5.350

ANZ Bank -0.270 13.780

BHPBilton +1.400 26.400

CBA -0.900 32.100

NAB +0.390 19.790

NewsCorp -0.210 11.390

Polartech +0.002 .077

Rio Tinto +3.000 72.000

TelstraCp +0.160 4.260

WestpacBk -0.170 16.800

Woolwrths +0.620 28.280

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Property developer Mirvac Group says it is starting to see early signs ofgrowing demand in the residential property market.

Mirvac shares were up 10 cents, or 6.67 per cent, to1.60.

Disgruntled Wesfarmers shareholders had a symbolic win after voting down the conglomerate's remuneration report, including a450,000 increase in the chief executive's cash salary.

The Coles owner's shares had given up 26 cents to17.80 while shares in fellow retail giant Woolworths had added 62 cents to28.28.

In other news, Western Australian ship builder Austal has been awarded a contract to build high-speed transport vessels for the US military, worth up toUS1.6 billion ($A2.43 billion).

Austal's shares rose 36.5 cents, or 22.53 per cent, to1.985.

Fertiliser maker Incitec Pivot says it has raised819 million through a share sale to its institutional investors.

Its shares fell 73.84 cents, or 19.75 per cent, to3.00.

Among the banks, ANZ had shed 27 cents to13.78, Commonwealth Bank had fallen 90 cents, or 2.73 per cent, to32.10, NAB had gained 39 cents to $19.79 and Westpac had slipped 17 cents to16.80.

St George shares were down 80 cents, or 3.33 per cent, to23.20 after its shareholders yesterday approved Westpac's16 billion-plus merger proposal.

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At 1628 AEDT, spot gold in Sydney was trading atUS726.55 an ounce, up $US11.80 on yesterday's local close ofUS714.75.

Gold stocks were accordingly higher. Newcrest was1.08, or 5.41 per cent stronger, to21.04, Newmont soared 25 cents, or 6.94 per cent, to $3.85 andLihir Gold was up 10.5 cents to1.88.

The most traded stock was Babcock & Brown Infrastructure, with 61.53 million units changing hands, worth a total of4.84 million.

Shares in the company were down 2.3 cents, or 25.56 per cent, to 6.7 cents.

Preliminary market turnover was 1.14 billion shares, valued at3.63 billion, with 515 stocks up, 455 down and 304 unchanged.

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