(Updating to include dealers comments, share prices)
SYDNEY (AFX) - Share prices closed higher at fresh record highs as support for resources and banking stocks extended a rally which got underway in the closing days of 2005, dealers said.
They said the trading session opened broadly unchanged with little direction from overseas markets given the holiday in the US, but bounded into record territory as morning trading progressed.
Dealers said the banking sector retraced Monday's slight falls as local housing finance data showed the housing market consolidating.
Investors continued to add key resource stocks BHP Billiton and Rio Tinto to portfolios as metal rose to multi-year highs and oil prices strengthened.
BHP Billiton shares added 0.22 aud to close at 23.96 aud while Rio Tinto advanced 0.89 to 71.94.
The S&P/ASX 200 rose 29.7 points or 0.61 pct to close at a record 4,866.1, surpassing the previous record close of 4,838.1 set last Wednesday.
The key indicator ranged between an all-time high of 4,868.4 and a low of 4,835.8.
The All Ordinaries Index rose 31.4 points to a record 4,817.3, beating Monday's previous record high of 4,785.9.
Dealers said the shares of Woodside Petroleum, Australia's largest independent oil and gas producer, reached a record as oil prices rose on possible supply disruptions from crises in Iran and Nigeria.
Woodside shares finished up 1.43 or 3.41 pct to a record close of 43.40.
Other energy stocks including Santos, Oil Search and Hardman Resources also had solid gains.
Santos added 0.08 to 12.69, Oil Search rose 0.06 to 4.08 and Hardman added 0.07 to 1.965.
Dealers said investors continue to support Newcrest Mining and Lihir Gold, building an exposure to the gold price as the precious metal soared to fresh 25 year high above 562 usd an ounce overnight.
Newcrest stock rose 0.02 to 25.45 and Lihir Gold climbed 0.03 to 2.45.
Australian Wheat Board (AWB) fell as the nation's monopoly wheat exporter announced lower returns for the grain it markets as part of a national pool.
The AWB is also under fire from the United Nations inquiry into the board's involvement in the Iraq oil-for-food scandal, gaining added negative exposure as a separate Federal government inquiry began on Monday.
AWB shares dropped 0.16 to end at 6.02.
Aequs Securities head of institutional trading, Ric Klusman, said the resources sector is continuing to drive the market higher with investor enthusiasm being fuelled by earnings upgrades.
He said this followed analysts lifting commodity prices forecasts after taking the view that prices will stay higher for longer.
"It is another day of resources leading the way although the overall market was fairly positive - that was helped by the charts suggesting a major break-out in the US," Klusman said.
As well, he said, cashed up pension funds are supporting the market with December quarter compulsory contributions under Australian law, combining with voluntary contributions, having delivered the funds an estimated 6-7 bln aud in cash over the December quarter.
"Those payments will be making their way into the market so you don't want to sell anything just at the moment," he said.
A total of 1.22 bln shares worth 3.24 bln aud changed hands, with rises outnumbering falls 566 to 479 while 351 closed steady.
The S&P/ASX 200 March futures contract was up 30.0 points at 4,853.0.
The 10-year bond yield were up 0.010 at 5.165 pct while the 90-day bill rose 0.022 to 5.635 pct.
National Australia Bank rose 0.07 to 32.63, Commonwealth Bank was up 0.05 at 44.17, ANZ climbed 0.15 to 24.52 and Westpac gained 0.12 to 23.16.
Macquarie Bank added 1.34 to 71.00 and Babcock and Brown jumped 1.27 or 7.02 pct to 19.37.
AMP rose 0.15 to 8.02, QBE gained 0.02 to 19.89, IAG rose 0.10 to 5.70 and Promina climbed 0.05 to 5.18.
News Corp added 0.01 to 22.65 while its non-voting stock rose 0.04 to 21.44.
Telstra regained 0.03 to 3.99 while SingTel was flat at 2.08.
Zinifex soared 0.26 or 3.27 pct to a record 8.22, Alumina added 0.12 to 7.49 but Iluka fell 0.06 to 7.72.
Oxiana gained 0.06 to 2.08 while Tethyan Copper added 0.025 to 0.775 after Hong Kong-based Crosby Partners increased its takeover offer to today's closing level from a previous offer of 0.64.
Uranium stock Paladin Resources rose 0.08 to 2.55 and Energy Resources gained 0.35 to 13.35.
Macarthur Coal rose 0.29 to 5.33 and Centennial Coal added 0.07 to 3.99 but Excel lost 0.07 to 6.98.
Brambles added 0.10 to 10.42, PaperlinX rose 0.02 to 3.42 but Amcor eased 0.06 to 7.19.
Rinker gained 0.25 to 16.40 while James Hardie added 0.03 to 8.77.
Toll Holdings rose 0.24 to 14.15 and Patrick Corp was up 0.07 at 7.27.
Qantas gained 0.04 to 3.99 and Virgin Blue rose 0.01 to 1.56.
Woolworths was steady at 7.18 while Coles Myer slipped 0.01 to 10.76 and David Jones fell 0.04 to 2.30.
Pacific Brands lost 0.04 to 2.31 while Just group eased 0.01 to 2.34.
Westfield gained 0.06 to 17.60, GPT rose 0.02 o 3.95 and Stockland added 0.03 to 6.36.
(1 usd = 1.33 aud)
paul.daniel@xfn.com
pd/blh/dk
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
SYDNEY (AFX) - Share prices closed higher at fresh record highs as support for resources and banking stocks extended a rally which got underway in the closing days of 2005, dealers said.
They said the trading session opened broadly unchanged with little direction from overseas markets given the holiday in the US, but bounded into record territory as morning trading progressed.
Dealers said the banking sector retraced Monday's slight falls as local housing finance data showed the housing market consolidating.
Investors continued to add key resource stocks BHP Billiton and Rio Tinto to portfolios as metal rose to multi-year highs and oil prices strengthened.
BHP Billiton shares added 0.22 aud to close at 23.96 aud while Rio Tinto advanced 0.89 to 71.94.
The S&P/ASX 200 rose 29.7 points or 0.61 pct to close at a record 4,866.1, surpassing the previous record close of 4,838.1 set last Wednesday.
The key indicator ranged between an all-time high of 4,868.4 and a low of 4,835.8.
The All Ordinaries Index rose 31.4 points to a record 4,817.3, beating Monday's previous record high of 4,785.9.
Dealers said the shares of Woodside Petroleum, Australia's largest independent oil and gas producer, reached a record as oil prices rose on possible supply disruptions from crises in Iran and Nigeria.
Woodside shares finished up 1.43 or 3.41 pct to a record close of 43.40.
Other energy stocks including Santos, Oil Search and Hardman Resources also had solid gains.
Santos added 0.08 to 12.69, Oil Search rose 0.06 to 4.08 and Hardman added 0.07 to 1.965.
Dealers said investors continue to support Newcrest Mining and Lihir Gold, building an exposure to the gold price as the precious metal soared to fresh 25 year high above 562 usd an ounce overnight.
Newcrest stock rose 0.02 to 25.45 and Lihir Gold climbed 0.03 to 2.45.
Australian Wheat Board (AWB) fell as the nation's monopoly wheat exporter announced lower returns for the grain it markets as part of a national pool.
The AWB is also under fire from the United Nations inquiry into the board's involvement in the Iraq oil-for-food scandal, gaining added negative exposure as a separate Federal government inquiry began on Monday.
AWB shares dropped 0.16 to end at 6.02.
Aequs Securities head of institutional trading, Ric Klusman, said the resources sector is continuing to drive the market higher with investor enthusiasm being fuelled by earnings upgrades.
He said this followed analysts lifting commodity prices forecasts after taking the view that prices will stay higher for longer.
"It is another day of resources leading the way although the overall market was fairly positive - that was helped by the charts suggesting a major break-out in the US," Klusman said.
As well, he said, cashed up pension funds are supporting the market with December quarter compulsory contributions under Australian law, combining with voluntary contributions, having delivered the funds an estimated 6-7 bln aud in cash over the December quarter.
"Those payments will be making their way into the market so you don't want to sell anything just at the moment," he said.
A total of 1.22 bln shares worth 3.24 bln aud changed hands, with rises outnumbering falls 566 to 479 while 351 closed steady.
The S&P/ASX 200 March futures contract was up 30.0 points at 4,853.0.
The 10-year bond yield were up 0.010 at 5.165 pct while the 90-day bill rose 0.022 to 5.635 pct.
National Australia Bank rose 0.07 to 32.63, Commonwealth Bank was up 0.05 at 44.17, ANZ climbed 0.15 to 24.52 and Westpac gained 0.12 to 23.16.
Macquarie Bank added 1.34 to 71.00 and Babcock and Brown jumped 1.27 or 7.02 pct to 19.37.
AMP rose 0.15 to 8.02, QBE gained 0.02 to 19.89, IAG rose 0.10 to 5.70 and Promina climbed 0.05 to 5.18.
News Corp added 0.01 to 22.65 while its non-voting stock rose 0.04 to 21.44.
Telstra regained 0.03 to 3.99 while SingTel was flat at 2.08.
Zinifex soared 0.26 or 3.27 pct to a record 8.22, Alumina added 0.12 to 7.49 but Iluka fell 0.06 to 7.72.
Oxiana gained 0.06 to 2.08 while Tethyan Copper added 0.025 to 0.775 after Hong Kong-based Crosby Partners increased its takeover offer to today's closing level from a previous offer of 0.64.
Uranium stock Paladin Resources rose 0.08 to 2.55 and Energy Resources gained 0.35 to 13.35.
Macarthur Coal rose 0.29 to 5.33 and Centennial Coal added 0.07 to 3.99 but Excel lost 0.07 to 6.98.
Brambles added 0.10 to 10.42, PaperlinX rose 0.02 to 3.42 but Amcor eased 0.06 to 7.19.
Rinker gained 0.25 to 16.40 while James Hardie added 0.03 to 8.77.
Toll Holdings rose 0.24 to 14.15 and Patrick Corp was up 0.07 at 7.27.
Qantas gained 0.04 to 3.99 and Virgin Blue rose 0.01 to 1.56.
Woolworths was steady at 7.18 while Coles Myer slipped 0.01 to 10.76 and David Jones fell 0.04 to 2.30.
Pacific Brands lost 0.04 to 2.31 while Just group eased 0.01 to 2.34.
Westfield gained 0.06 to 17.60, GPT rose 0.02 o 3.95 and Stockland added 0.03 to 6.36.
(1 usd = 1.33 aud)
paul.daniel@xfn.com
pd/blh/dk
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
© 2006 AFX News
