Stocks recover to finish in black May 09, 2005 From: AAP
THE share market shrugged off a weak start to finish in the black today, finding strength from a stronger resource sector in afternoon trade. Market leaders Rio Tinto and BHP Billiton led the market higher, along with solid gains in the energy sector and from Macquarie Bank.
The local bourse received little guidance from Wall Street with the main indices finishing mixed on Friday night.
However, traders expect the market to remain subdued until the outcome of tomorrow night's Budget.
By 1615 AEST the benchmark S&P/ASX200 index was up 15.9 points at 3999.2 while the all ordinaries had added 17 points to 3956.8.
On the Sydney Futures Exchange, the June share price index contract was 37 points firmer at 4006 on a volume of 15,514.
ABN AMRO Morgans adviser Lisa Sadgrove said the resource sector was underpinning the market strength, as confidence crept back into the market in afternoon trade.
"There was a bit of euphoria (earlier) with people picking up some bargains," she said.
"I think there is some interest out there."
By 1620 AEST, Rio Tinto was up $1.41 to $44.91 as the mining giant said it had increased the size of its share buyback by as much as $600 million after strong demand.
Fellow miner BHP Billiton was also stronger, up 32 cents at $16.84 while Alumina put on 16 cents to $5.93.
Among the energy stocks Oil and gas company Woodside climbed 56 cents to $23.55 as Santos surged 30 cents to $9.90.
"Oil is going from strength to strength helping out oil stocks as well as coal," Ms Sadgrove said.
The banking sector finished mixed today, but gains in Macquarie Bank helped push the Australia's share market higher, Ms Sadgrove said.
"There is a little bit of interest in Macquarie Bank today obviously pending their results due out in eight days time," she said.
"People are thinking the (bank results) will be quite positive."
Ms Sadgrove said the banks had managed to recover some ground towards the close, after opening a touch weaker.
Shares in Macquarie closed 29 cents higher to $46.75, while among the retail banks, Commonwealth Bank nudged up eights cents to $36.70 and National Australia Bank put on 27 cents to $29.52.
Westpac, however, gave up 21 cents to $19.10 and ANZ retreated 11 cents to $21.70.
In the media sector, News Corp finished 28 cents higher to $21.20, while its non-voting stock climbed 37 cents to $20.47.
The main television networks also finished firmer led by Publishing and Broadcasting, which put on 28 cents to $14.65.
PBL's Channel Nine is undergoing some leadership changes after Kerry Packer's godson David Gyngell quit his job as head of the Nine television network.
Sam Chisholm has since been made executive director of PBL's television interests.
Elsewhere, Ten Network rallied 17 cents, or 5.25 per cent, to $3.41 and Seven nudged up four cents to $6.54.
