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Date Posted: 09:47:38 04/09/13 Tue
Author: Tuesday 9/4/2013
Subject: Aust shares close stronger

Aust shares close stronger

AAP – 9 hours agoEmail0Share0Print
The Australian share market enjoyed a bumper day, closing almost one and a half per cent higher on positive overseas leads.

Lower than expected inflation in China in March appears to have convinced traders that the central bank there may not need to slow the economy.

The local market was already posting gains before that news, taking its lead from expectations for an improved company earnings season in the US and moves by Japan to stimulate its economy.

"Even though our markets had the wobbles a bit recently, there's still quite a lot of latent buying and people looking to get into this market once it starts to move," CMC Markets chief market analyst Ric Spooner told AAP.

Most sectors did well, such as banks, insurers, miners and energy stocks, with defensive healthcare companies an exception.

Miners gained from the good economic news from important customers including China and Japan.

BHP Billiton was up by more than one per cent for a second consecutive day, rising 45 cents to $33.11 and Rio Tinto was $1.89, or 3.45 per cent, higher at $56.73.

Ten Network lifted two cents to 31.5 cents despite the broadcaster posting a $243.3 million first half loss.

Africa-focused iron ore hopeful Sundance Resources plunged 10 cents, or 47.6 per cent, to 11 cents after coming out of a three-week trading halt.

Sundance revealed late on Monday that it had ended talks with Hanlong Mining after the Chinese company ran into problems financing a $1.3 billion takeover deal.

KEY FACTS

* At the close on Tuesday, the benchmark S&P/ASX200 index was 71.3 points, or 1.45 per cent, higher at 4,976.8 points.

* The broader All Ordinaries index was 67.5 points, or 1.37 per cent, higher at 4,980.2 points.

* The June share price index futures contract was up 58 points at 4,969 points, with 27,027 contracts traded.

* The price of gold in Sydney was $US1,575.85 per fine ounce, down $US3.40 on Monday's closing price of $US1,579.25.

* National turnover was 1.91 billion securities worth $5.49 billion.

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