Sunday, March 7, 2010

Shares close higher as miners gain

THE share market closed marginally in the black after gains in the resources and energy sectors, although investors were tentative ahead of US employment figures.

The benchmark S&P/ASX200 index was up 16.7 points, or 0.35 per cent, at 4767.2 points, while the broader All Ordinaries Index gained 15.8 points, or 0.33 per cent, to 4773.4 points.

On the Sydney Futures Exchange at 16:31 AEDT, the March share price index contract was 27 points higher at 4775 points, on volume of 20,351 contracts.

IG Markets analyst Ben Potter said materials and energy stocks helped the market higher.

"The positive momentum in resource stocks continued unabated, with both the diversified miners and the pure plays posting impressive gains,'' he said.

"Ahead of nonfarm payrolls in the US, it was not surprising to see a little bit of investor caution.''

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BHP Billiton was up 22 cents at $42.50 and Rio Tinto had added 61 cents to $75.01.



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