Aust stocks close higher, boosted by oil and gold stocks
30 Dec 2008 4:36 PM
INDEX MOVEMENT POSITION INDEX MOVEMENT POSITION
S&P/ASX200 +33.1 3654.2 Dow Jones -31.62 8483.93
All Ords +37.3 3591.5 S&P 500 -3.38 869.42
SPI contract +65.0 3653.0 Nasdaq -19.92 1510.32
Gold $USoz -10.75 874.60 Nikkei +112.39 8859.56
$A/USD +.0052 0.6916 NZSE-50 +0.583 2678.223
MELBOURNE, Dec 30 AAP - The Australian stock market closed higher on Tuesday as mounting tension in the Middle East raised concerns about the supply of commodities and boosted gold, energy and resources stocks.
At the 1615 AEDT close, the benchmark S&P/ASX200 index was 33.1 points, or 0.91 per cent, higher at 3,654.2 while the broader All Ordinaries index added 37.3 points, or 1.05 per cent, to 3,591.5.
On the Sydney Futures Exchange, the March share price index futures contract was up 65 points at 3,653 on a volume of 12,886 contracts.
CMC Markets market analyst David Taylor said trading was thin because many investors were still on holiday, so significant movement in any of the heavyweight stocks tended to drive the whole market.
"We've had the tension in Gaza between the Palestinians and the Israelis, and the price of oil is determined very closely by demand and supply," Mr Taylor said.
"So with supply being potentially disrupted over there, as well as OPEC cutting their production of oil, the rise in crude oil prices is reflective of that.
"That's flowed through to our market today."
Mr Taylor said that with the tension overseas, investors were looking for a safe, easy place in which to put their money and gold was one of them.
Energy stocks gained after the price of oil for February delivery rose $US2.31, or 6.15 per cent, to $US40.02 a barrel in New York on Monday.
Woodside Petroleum rose $1.16, or 3.34 per cent, to $35.93, Santos improved 10 cents to $14.20, and Oil Search found 19 cents at $4.59.
Coal seam gas explorer Eastern Star Gas was off 5.5 cents at 63.5 cents as it said it had been eyed for takeover but did not know if firm proposals would be made.
Gas producer Arrow Energy was 22 cents richer at $2.62 after it financially closed part of its deal to sell a portion of its domestic operations to Royal Dutch Shell.
Among resources stocks, global miner BHP Billiton was up 74 cents at $29.65, and Rio Tinto added 46 cents to $37.05.
OZ Minerals remained in its lengthy trading halt at 55 cents, as it was granted a two-month extension to refinance $US560 million ($A816 million) of debt, but the company warned it may run out of funds before then.
Mount Gibson Iron nudged up one cent to 45.5 cents as shareholders voted for a $162.5 million rescue package that could result in two Chinese interests holding more than 40 per cent of the ailing iron ore miner.
In the gold sector, Newmont was up six cents at $5.80, Newcrest was 72 cents heavier at $33.09, and Lihir picked up five cents at $3.03.
At 1621 AEDT, the price of gold in Sydney was $US874.60 per fine ounce, down $US10.70 on yesterday's close of $US885.35.
On Wall Street overnight, the Dow Jones industrial average fell 31.62, or 0.37 per cent, to close at 8,483.93.
Stock Move Price
AMP -0.030 5.370
ANZ Bank -0.050 15.250
BHPBilton +0.740 29.650
CBA +0.120 28.300
NAB -0.010 20.860
NewsCorp +0.070 13.300
Polartech +0.020 .195
Rio Tinto +0.460 37.050
TelstraCp +0.020 3.730
WestpacBk -0.120 16.630
Woolwrths +0.130 26.440
