Muted day after US Thanksgiving

AFTER the Thanksgiving holiday in the US, trading was muted yesterday on the Australian share market, where banking and energy stocks recouped value and lifted the key indices higher.

The benchmark ASX 200 index closed up 24.9 points, or 0.4 per cent, at 5716.2, while the broader All Ordinaries rose 23.1 points, also 0.4 per cent, to 5793.4. Oil prices were lower and banking executives were grilled again at the royal commission, but the correlating sectors were buoyant.

Santos shares fell 0.4 per cent to $5.76 and Beach Energy lost 1.6 per cent to $1.525, while Woodside rose 25c to $32.10, Oil Search was up 10c to $7.45, Origin 4c to $6.83 and Caltex 10c to $26.84.

Fertiliser and explosives maker Incitec Pivot said closing its Gibson Island fertiliser plant in Brisbane would cost about $70 million, if it could get cheap gas to continue its operation in the next year.

Its shares fell 3c, or 0.8 per cent, to $3.81.

ANZ was the strongest of the big four lenders, surging 2.3 per cent higher to $26.34.

National Australia Bank gained 25 or 1 per cent to $24.48, Westpac 36c or 1.4 per cent to $26.04 and the Commonwealth Bank 67c or 1 per cent to $71.30.

A dip in iron ore prices dragged the mining sector lower, with BHP losing 0.7 per cent to $31.55 and Rio Tinto 0.3 per cent to $76.78.