Banks and health on rise

BANKING and health care stocks lifted the Australian share market higher yesterday while the energy sector also pushed ahead despite weak oil prices.

The ASX200 index closed 31.3 higher, or 0.53 per cent, at 5928.2, while the All Ordinaries rose 0.57 per cent.

The local indices continue to correct after falling more than 6 per cent in October, but Bell Direct equities analyst Julia Lee said earnings growth has peaked and share markets around the world will moderate from these levels.

Oil prices are down about 5 per cent this month and this is usually an indication global growth is slowing, Ms Lee said.

Despite these weaker prices, the energy sector had its third straight day in the black with Woodside Petroleum, Oil Search and Origin Energy all up between 0.5 and 1.3 per cent.