Market high-fives commodities

THE Australian share market closed higher for a fifth straight session yesterday, led by the mining and energy sectors, after commodity prices jumped on hopes of stronger economic activity in China, and low US oil stocks.

The ASX200 rose 0.3 per cent to 5881 points, while the broader All Ordinaries rose 0.3 per cent to 5976.3 points.

Phillip Capital senior client adviser Michael Heffernan said the market ran out of puff following a strong start to the session, but was supported by strength in the mining and energy sectors.

“Aluminium, iron ore and oil prices are propelling the major resources stocks,” he said.

That also helped the Australian dollar rise to a fiveweek high above 78 US cents, despite a temporary fall after the release of weaker than expected March jobs figures.

The mining sector was the standout performer, with BHP Billiton up 2.8 per cent to $30.92 despite trimming its full-year iron ore production guidance, Rio Tinto gained 3.1 per cent to $81.42, Fortescue Metals added 3.5 per cent to $4.71 and South32 was 4.6 per cent higher at $3.88.