Ma­jor min­ers per­form well as mar­ket bounces back


Kalgoorlie Miner - - BUSINESS -

The share mar­ket closed higher yes­ter­day for the first time in more than a week as the en­ergy sec­tor re­bounded after re­cent heavy falls.

En­ergy stocks gained about 4 per cent de­spite oil prices re­main­ing about five-year lows.

Mor­gans pri­vate client ad­viser Alis­tair McCorquo­dale said vo­latil­ity in the en­ergy sec­tor was likely to per­sist.

“The big news has been the re­bound in oil stocks,” he said.

Min­ing stocks also per­formed well, with Rio Tinto the stand­out, as in­vestors also took ad­van­tage of their re­cent weak­ness.

Yes­ter­day’s gains lift the mar­ket from its low­est level in more than 10 months, which was hit be­cause of weak oil prices and more signs of a slow­ing China’s econ­omy. Rio Tinto added 73 cents to $53.38, BHP Bil­li­ton gained nine cents to $27.51 and Fortes­cue Met­als dropped four cents to $2.35.

Most ma­jor banks fell, with West­pac dip­ping 24 cents to $31.33. AAP

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