Aust stocks close at near six week high
Market watch top headlines
SYDNEY, Dec 3 AAP
December 03 2012, 5:30PM
The Australian share market finished at a near six-week high, buoyed by encouraging Chinese manufacturing and expectations of an interest rate cut by the local central bank bou.
At the close on Monday, the benchmark S&P/ASX200 index was 25.5 points, or 0.57 per cent, higher at 4,531.5, while the broader All Ordinaries index was up 22 points, or 0.49 per cent, at 4,540.0.
On the ASX 24, the December share price index futures contract was 28 points higher at 4,544, with 24,541 contracts traded.
CommSec analyst Juliette Saly said investors shrugged off weak Australian retail figures and instead bought into local stocks after the release of encouraging data on the weekend that showed the biggest gain in 13 months for Chinese manufacturing activity.
"Our market's taken that lead and we've seen some good buying coming through today," Ms Saly said.
Figures released by the Australian Bureau of Statistics showed retail spending was steady in October, below expectations of a 0.4 per cent rise.
The weaker retail figure added to expectations the Reserve Bank of Australia is expected to cut the cash rate by 0.25 percentage points to 3.00 per cent when its board meets on Tuesday for the last time until February 2013.
"Retail trade figures were disappointing but we've seen the market bounce back from the initial shock," Ms Saly said.
"News that we're expecting a rate cut tomorrow will help sentiment."
Among the major retailers, JB Hi-Fi gained 33 cents to $10.26, Wesfarmers was 40 cents higher at $35.95 and Woolworths rose 15 cents to $29.43.
Department store operator David Jones fell five cents to $2.44 and Myer shares fell four cents to $2.13.
Among the big miners, BHP Billiton was up 15 cents to $34.54, Rio Tinto fell 21 cents to $58.54 and Fortescue dipped 15 cents to $3.76.
Among the banks, ANZ jumped 33 cents to $24.69, Commonwealth Bank surged $1.12 cents to $60.81, while National Australia Bank was one cent lower at $24.29 and Westpac was six cents higher at $25.56.
Television broadcaster Ten Network shares fell three cents to 33.5 cents.
National turnover was 1.49 billion securities worth $3.82 billion, with 475 stocks up, 473 down and 351 unchanged.
The price of gold in Sydney closed at $US1719.50 per fine ounce, down $US11.35 from $US1730.85 on Friday.
By Kim Christian