Market close: Australian shares end higher for an eighth session in a row

The share market has closed higher for the eighth session in a row, its longest winning streak since December, to touch an 11-month high.

Markets at 5.22pm (AEST)

  • ASX 200 +0.5 pc to 5,459, All Ords +0.5 pc to 5,539
  • Major gains: Dominos Pizza +2.4 pc to $69.89, Mesoblast +3.6 pc to $1.15, JB Hi-Fi +2.7 pc to $24.25
  • Major losses: Sandfire -5.1 pc to $6.32, Sims Metal -4 pc to $8.78, Fortescue Metals -2.6 pc to $4.12
  • Futures trade: Euro STOXX 600 +0.7 pc to 338.6, S&P 500 +0.4 pc to 2,161, FTSE +0.7 pc to 6,659
  • AUD: 76 US cents, 57.3 British pence, 80.2 euro cents, $NZ1.069

Investors appeared unfazed by the failed coup in Turkey on the weekend, though trade was very light with only the resource sector pulling back.

Consumer stocks led the way with poker machine maker Aristocrat adding 3.1 per cent to $14.17, while supermarket giant Woolworths gained nearly 2 per cent to $21.95.

Energy stocks also rose, led by a jump for Oil Search after the global oil and gas giant Exxon Mobil launched a rival bid for the Papua New Guinea based gas explorer InterOil.

InterOil said it considered the Exxon bid superior to Oil Search's offer made back in May.

Oil Search shares finished 3.9 per cent higher at $7.25.

Meanwhile miner Whitehaven Coal added 1.8 per cent to $1.69 after an investment bank boosted its target price for the stock, citing higher commodity prices.

Elsewhere, bank stocks were in favour — the big four banks all rose, led by Westpac, up 0.6 per cent to $30.30.

Miners were the only drag in a broadly positive session with iron ore miner Fortescue Metals losing 2.6 per cent to $4.12, and BHP Billiton falling by 0.8 per cent to $20.22.

The ratings agency Fitch earlier today downgraded BHP's disaster-hit Brazilian iron ore joint venture, Samarco, to a C-rating, meaning Samarco faces an imminent default because it is running out of cash.

The Samarco mine has been closed since late last year, when a tailings dam burst at the site, killing 19 people and flooding a village.

In commodities trade, oil prices were steady with Brent crude buying around $US47.59 a barrel.

Spot gold is nearly 1 per cent lower after overnight gains, it is trading hands at around $US1,328 an ounce.

Source: ABC News

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