Major miners perform well as market bounces back
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