The Australian share market has been pushed higher by strong gains in the mining sector.
The ASX 200′s resources sub-index ended the day more than 1.5 per cent higher.
The most stunning gain was by Gindalbie Metals, after its Chinese partner Ansteel signed-off on a long-term deal to buy iron ore worth up to $70 billion.
Gindalbie’s shares surged more than 7 per cent to $1.18 by the close.
The world’s biggest miner, BHP Billiton, gained almost 2.5 per cent to $44.41 after shifting most of its iron ore sales onto shorter-term contracts.
Its Brazillian rival Vale also announced a similar move to quarterly contracts.
Rio Tinto followed the other miners higher, gaining more than 1 per cent despite jail terms of between seven and 14 years being handed to its four former executives who were yesterday convicted by a Chinese court of taking bribes and stealing commercial secrets.
Australia’s largest supplier of agricultural chemicals, Nufarm, fell 6.5 per cent after a stock exchange filing revealed its managing director had sold off three million of his shares in the company, triggering downgrades by several analysts.
Telstra also weighed on the market, as it continued its slide back towards $3.
The nation’s biggest telco ended the day 1.3 per cent lower at $3.02.
Overall, the All Ordinaries closed 20 points higher at 4,927, and the ASX 200 also gained 20 points to close at 4,917.
Currencies and commodities
West Texas crude oil was worth $US82.26 a barrel at about 5:00pm (AEDT), while Tapis was fetching $US81.97.
Spot gold was worth just over $US1,110 an ounce.
The Australian dollar had climbed to 91.90 US cents.
On the cross rates, it was at 84.91 Japanese yen, 68.11 euro cents, 61.22 British pence, and $NZ1.293.