Shares close higher for fourth session

THE share market closed higher for the fourth successive session as property trusts strengthened on positive reports and the miners gained on expectations that commodity prices will stay high. The benchmark S&P/ASX200 index was up 23.4 points, or 0.49 per cent, at 4,757, while the broader All Ordinaries gained 21.9 points, or 0.46 per cent, to 4,765.9.

On the Sydney Futures Exchange, the December share price index contract was 34 points higher at 4,768 on volume of 21,412 contracts.

"The property trusts were all very strong today," Cameron Securities client adviser Adrian Leppinus said.

"The sector has been a bit of a laggard the last few weeks."

The real estate trusts gained after CFS Retail Property Trust said quarterly sales at its shopping centres increased 1.3 per cent and Commonwealth Property Office Fund said occupancy excluding redeveloping offices was at 98.5 per cent while rents increased by an average 3.9 per cent.

Securities in CFS Retail increased four cents, or 2.07 per cent, to $1.97 and CPA also gained four cents, or 4.26 per cent, to 98 cents.

Westfield, the biggest property trust, gained 42 cents, or 3.45 per cent, to $12.59, Stockland jumped 23 cents, or 6.02 per cent, to $4.05 and GPT rose three cents, or 4.88 per cent, to 64.5 cents.

Mr Leppinus said BHP Billiton and Rio Tinto were also supporting the market, after one of the big brokers increased the earnings targets for the miners because of higher commodity prices.

BHP Billiton added 61 cents to $39.10 and rival Rio Tinto gained $1.15 to $68.60.

Fortescue Metals increased four cents to $4.07.

Other stocks that supported the market gains included AGL Energy, which gained 34 cents to $13.98, Leighton, which added 88 cents to $38.12, Wesfarmers, which rose 56 cents to $27.99, and News Corp, which strengthened 32 cents, or 2.05 per cent, to $15.95.

News Corp non-voting scrip rose 27 cents to $13.59.


Oil briefly above $80 as earnings beat forecastsShares open higher in morning trade