Australian share market ends week with lift thanks to oil price recovery

The Australian share market has rebounded amid a lift in the oil price and talk of further stimulus measures in Europe.

The All Ordinaries is still below the 5,000 mark, but managed to climb 52 points to 4,969, while the benchmark ASX 200 lifted a similar amount to 4,916.

But the best performer on the local market was Treasury Wine Estates, with shares lifting almost $1 to just under $9 on the back of half-year earnings, beating expectations by about $30 million.

The maker of Penfolds said it was seeing growth in Asia, and would ship extra wine to China ahead of the Chinese New Year.

Meanwhile BHP rebounded strongly thanks to a recovery in the oil price, which helped the energy sector in general.

BHP stocks gained more than $1 to $15.26, and its joint venture behind the fatal dam collapse in Brazil a few months ago is close to a compensation agreement with the Brazilian Government, believed to be worth about $7 billion.

Rio Tinto also posted healthy gains today, up $1.29 to $39.65.

But this was offset by a mixed performance in the banking sector, with the Commonwealth losing 25 cents to $76.56, Westpac ending flat, and the ANZ and NAB in the black.

West Texas crude oil was higher at $US29.50 a barrel at 6:00pm (AEDT).

Iron ore was lower at $US40.50 a tonne, and gold was also lower at $US1,099 an ounce.

The Australian dollar was still hovering at around 2009 levels, buying just over 70 US cents.

Source: ABC News

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