Market lifts on Eastern promise

THE Australian share market closed higher yesterday, boosted by signs from China the global economic powerhouse is considering fresh measures to stimulate stuttering growth.

The benchmark ASX 200 index rose 41.2 points, or 0.71 per cent, to a new nine-week high of 5814.6, while the broader All Ordinaries was up 38.6 points, or 0.66 per cent, at 5871.8.

China’s state planner has hinted the country will strengthen monitoring of its economic situation and im- prove its “reserve” of economic policies.

Comm Sec markets analyst James Tao said the news out of China was a welcome change after Monday’s glum trade data.

“(China is) looking to boost the market — and they’ll be doing a little bit more a bit later in the month, so it’s certainly a good start,” Mr Tao said.

“It’s a lot more upbeat and an optimistic tone coming through after yesterday’s trade figures, more conducive for our market to prosper.”

The trade-sensitive energy and mining sectors bounced back from Monday’s lull, while the big banks, retailers and health care sector had a solid session.

Origin Energy climbed 3.2 per cent to $7.13 and Beach Energy lifted 4.2 per cent to $1.63 after Red Sky Energy agreed an extension of agreement to obtain its Innamincka Dome Project.

Woodside Petroleum was up 1.2 per cent to $33.46, Santos 1.2 per cent to $5.90 and Oil Search 0.9 per cent to $7.62.

The big miners reclaimed earlier losses, with BHP up 1.1 per cent to $33.06 and Rio Tinto up 0.8 per cent to $80. Fortescue Metals jumped 0.7 per cent to $4.55 while Blue-Scope Steel rose 3.6 per cent to $11.97. Financials also were buoyant, with Commonwealth Bank rising 1 per cent to $72.65, ANZ 0.7 per cent to $25.54 and National Australia Bank 0.2 per cent to $24.72.

Shares in superannuation platform HUB24 shot up 5.95 per cent to $13 after it announced record net inflows.