The Australian share market has held onto positive territory after a day of mixed results across most sectors.
The benchmark S&P/ASX 200 index closed 0.12 per cent higher at 5,412.4 points, with major gains in consumer staples leading an early charge to 5,435 points that quickly fell flat.
Macquarie Private Wealth division director Lucinda Chan said there was no obvious reason for the fall, which came in the wake of a lift in US stocks overnight.
“It just lost its momentum for a while. It is bizarre because it looked like it was heading up,” she said.
The energy sector was in the red as the price of oil dropped overnight after the world’s biggest oil producers indicated they are unlikely to agree on an output deal during talks in Algeria.
Santos shares fell 11 cents, or 3.13 per cent, to $3.41 and Woodside Petroleum dropped 18 cents, or 0.67 per cent, to $26.52.
AGL shares jumped 5.77 per cent to $18.70 after the company announced a share buyback worth almost $600 million and said its underlying profit would improve in the current financial year.
Major gains were also made in the consumer staples sector, with shares in Coles owner Wesfarmers up 32 cents, or 0.73 per cent, at $44.29.
Woolworths shares gained 43 cents, or 1.91 per cent, to $22.95 after the company’s court battle with Lowe’s, its joint venture partner in the failed Masters hardware chain, was sent to arbitration on Tuesday.
“The stocks have been very soft of late so they’re regaining a little bit and that piece of news certainly helped kick them along the way,” Ms Chan said.
The four big banks were mixed, with ANZ up 18 cents to $27.63, Commonwealth Bank gaining 23 cents to $72.93 and National Australia Bank up three cents at $28.01 while Westpac slipped four cents to $29.92.
Results were mixed among the big miners, with Fortescue Metals up four cents to $4.92, BHP falling 11 cents to $21.39 and Rio Tinto almost flat, down one cent to $50.00.
KEY FACTS:
* At 1615 AEST, the benchmark S&P/ASX 200 index was up 6.5 points, or 0.12 per cent, at 5,412.4 points.
* The broader All Ordinaries index was up 6.5 points, or 0.12 per cent, at 5,500.2 points.
* The December share price index futures contract was down 11 points at 5,396, with 22,362 contracts traded.
* National turnover was 2.9 billion securities traded, worth $4.9 billion.
