Energy powers Aus market higher

THE Australian share market has finished higher after energy stocks rallied on stronger oil prices and local retailers gained on news Amazon will block Australian consumers from buying products from its overseas sites. The benchmark S&P/ASX200 index closed up 27.2 points, or 0.45 per cent, at 6,011.9 points, and the All Ords finished 29.7 points, or 0.49 per cent, higher at 6,123.5 points.

US and European share markets recovered overnight after heavy falls on Tuesday as Italy’s 5-Star Movement party made a renewed attempt to form a coalition government easing fears of new elections and eurozone instability. Bell Direct equities strategist Julia Lee said the Australian market was tracking for a weekly decline of less than half a per cent.

“What’s been quite impressive has been how the Australian market has held up despite the volatility in markets that we have seen this week,” she said. The energy sector was the star of the local market on Thursday after oil prices rebounded from a four-day slump and Russia’s central bank expressed caution on plans to boost oil supply.

Santos climbed 19 cents, or 3.6 per cent, to $5.86, Woodside Petroleum jumped 74 cents, or 2.3 per cent, to $32.41, and Oil Search was 21 cents, or 2.6 per cent, stronger at $8.27.