THE share market has closed mildly higher after rising resources stocks outweighed weakness among the banks.
The benchmark S&P/ASX200 index closed up 7.8 points, or 0.17 per cent, to 4562.1 points, while the broader All Ordinaries index gained 13 points, or 0.28 per cent, to 4588.8 points.
On the Sydney Futures Exchange at 16:15 (AEDT), the March share price index contract was four points higher at 4526 on 25,953 contracts.
Shaw Stockbroking senior dealer Jamie Spiteri said the market did not follow through on early expectations.
"There are noticeable areas of support in our market, certainly in the resources sector and other parts of the market are probably a bit mixed,'' Mr Spiteri said.
"Financials are down, which probably highlights the rotational movement of funds across our market,'' he said.
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Shares in mining giant Rio Tinto were up $2.22, or 3.18 per cent, to $71.94, after investors liked the company's 2009 full year earnings report released Thursday evening.
BHP Billiton rose 47 cents to $40.82, while Fortescue put on 18 cents to $4.93.
Among the gold miners, Lihir was steady at $2.86 and Newcrest gained 24 cents to $32.68.
Newcrest said it was considering bringing in a partner for the O'Callaghans tungsten deposit near its flagship Telfer gold mine in Western Australia.
Gold producer Ramelius Resources fell 1.5 cents to 60 cents after failing in its takeover bid for Dioro Exploration NL. Shares in Dioro were down one cent, at $1.235.
At 16:22 AEDT, the spot price of gold in Sydney was $US1,089.40 per fine ounce, up $US11.20 from yesterday's closing price of $US1,078.20.
The big banks were mainly weaker, with Commonwealth Bank down 70 cents to $52.30, NAB was off 28 cents to $24.40, ANZ off 16 cents to $20.59 but Westpac bucked the trend, rising 23 cents to $23.20.
Westpac received approval to form a single authorised deposit-taking institution with wholly owned subsidiary St George Bank.
Macquarie group fell 38 cents to $47.35.
Telstra shares fell 10 cents, or 3.11 per cent, to $3.12, which came on top of share price losses yesterday when the telco announced a drop in first half profit.
Construction giant Leighton upgraded its annual earnings guidance after more than doubling its first half profit, but its shares fell $1.01, or 2.64 per cent, to $37.29.
"I think they are probably feeling the effects of a bit of profit-taking,'' Mr Spiteri said.
Energy stocks were mainly higher, with Oil Search up six cents to $5.30, gas giant Santos rising 10 cents to $13.35 and Origin Energy was 16 cents stronger at $16.40.
Woodside Petroleum lost a little ground, falling 20 cents to $42.80.
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