News Service from House Harris

Australian stocks buoyed by Wall St, BHP and financials

SYDNEY, March 11 AAP - The Australian share market closed higher for a third consecutive day after gains from the mining and financial sectors, and follows a strong rally on Wall Street.

The benchmark S&P/ASX200 index was up 59.9 points, or 1.88 per cent, at 3,244.4, while the broader All Ordinaries index added 55.9 points, or 1.78 per cent, to 3,199.1.

On the Sydney Futures Exchange, the March share price index futures contract was 80 points higher at 3,247 on a volume of 27,474 contracts.

ABN Amro Morgans private client adviser Craig Walker said the local market was stronger after Wall Street made its first big upwards move in weeks.

"Our gains were a bit more muted than in the US," Mr Walker said.

"It's good that our market has tempered its gains a little bit - when the market goes up and down by over five per cent like it does in the US, it's a bit unnerving."

Mr Walker said local mining and financial stocks led the market forward on Wednesday.

"BHP Billiton has been the largest single factor behind the market's movement," he said.

"There has been a strong performance from all the major banks except for National Australia Bank, which was a bit flat.

"The gold sector has been a little weak, and Telstra and CSL are some of the other stocks that were dragging on the market."

BHP Billiton rose $1.22, or 4.17 per cent, to $30.50, while Rio Tinto added $1.50, or 3.11 per cent, to $49.80.

National Australia Bank was up two cents at $16.30, Commonwealth Bank added 83 cents to $28.61, ANZ increased 41 cents to $13.15 and Westpac added 42 cents to $16.87.

The spot price of gold in Sydney closed at $US897.70 per fine ounce, down $US19.65 on Tuesday's local close of $USS917.35.

Lihir Gold fell 19 cents, or 6.23 per cent, to $2.86, Newmont Mining lost 37 cents, or 6.3 per cent, to $5.50, while Newcrest Mining was up 16 cents at $30.91.

The oil sector was mixed, with Santos losing 45 cents to $15.92, Woodside Petroleum falling 10 cents to $36.99, while Oil Search added 16 cents to $5.10.

Telstra lost six cents to $3.08 and Optus owner Singapore Telecommunications fell two cents to $2.47.

The retailers were stronger.

Pacific Brands added 0.5 cents to 17.5 cents, surfwear maker Billabong jumped 54 cents, or 8.12 per cent, to $7.19, David Jones increased 10 cents to $2.28 and Woolworths added 36 cents to $25.50.

The media sector was also stronger. Fairfax Media gained 1.5 cents to 84.5 cents, Consolidated Media firmed 2.5 cents to $1.95 and News Corporation jumped 51 cents, or 5.64 per cent, to $9.56.

News' non-voting scrip surged 48 cents, or 6.02 per cent, to $8.45.

Admiralty Resources was the top traded stock by volume, with over 100.51 million shares changing hands for $1.88 million. Its shares surged 0.7 cents, or 53.85 per cent, to two cents.

National turnover reached 1.47 billion shares traded for $3.97 billion, with 510 stocks up, 362 down and 254 unchanged.