Wall St shows way for Oz market

THE Australian share market ended higher yesterday after a positive Wall Street lead and booming oil prices led to early gains, particularly among mining and energy stocks.

The S&P/ASX200 was 21.6 points, or 0.36 per cent higher, at 6084.5 points, and the broader All Ordinaries index was up 20.2 points, or 0.33 per cent, at 6175.6 points.

Tribeca Investment Partners deputy portfolio manager Jun Bei Liu said the market responded to higher commodities and US oil prices.

US prices shot through the $US70 a barrel mark yesterday for the first time since November 2014, as an economic crisis in Venezuela threatened to derail its significant oil exports and a May 12 US deadline over a nuclear deal with Iran kept markets on edge.

Santos lost 8c, or 1.3 per cent, to $6.12, Woodside Petroleum rose 25c, or 0.8 per cent, to $32.55, Oil Search gained 7c, or 0.9 per cent, to $8.00 and Origin Energy climbed 25c, or 2.6 per cent, to $9.97.

“The risk is rising oil prices will eat into spending and impact on consumption, which does not bode well for equity markets,” Ms Liu said.

The ASX lifted in morning trade after the major Wall Street indices gained more than 1 per cent on Friday. US jobs data showed unemployment near 18-year lows, while below-forecast wages growth also soothed market fears of a fast-rising US cash rate.