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Australian sharemarket rises 0.8pc; Sandfire soars.

Allison Jackson | July 20, 2009
Article from: The Australian.

MINERS and energy producers led the market higher after a mostly positive lead from Wall Street and further gains in commodities.

The market has opened well in early trade on the back of a strong lead from Wall Street. The S&P/ASX 200 rose 32.6 points, or 0.8 per cent, to 4033.4 in the first 15 minutes of trading, recovering most of its losses since June 12 when the market peaked at a seven-month high of 4079.4.

The All Ordinaries was up 32.2 points to 4025.1.

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Mining giants BHP Billiton and Rio Tinto led the gains after copper scaled a five-week high last week and other industrial metals piled on gains.

Elsewhere in the sector, Sandfire Resources soared 14.5 per cent to $1.90 after announcing “spectacular” copper-gold drilling results at its Doolgunna Project in Western Australia.

http://www.theaustralian.news.com.au/business/story/0,28124,25807472-643,00.html