Mining stocks up slightly PDF Print E-mail
Tuesday, 25 December 2012 08:02

The local share market enjoyed some reasonable gains yesterday, shrugging off a poor lead from international markets at the end of last week.

The deadlock over budget negotiations in the United States sent Wall Street down about 1 per cent last Friday.

US politicians have just one week left to agree on measures that will prevent billions of dollars in tax increases and spending cuts, which are due to start from January 1.

Investors around the world are hoping a deal can be reached to avoid the so-call fiscal cliff.

However, the local market has managed to look beyond those concerns and, in a shortened session that finished at 2.10pm (AEDT) before the two-day Christmas break, the All Ordinaries Index closed up 10 points at 4,645, while the ASX 200 added 0.25 per cent to 4635.

Mining stocks have benefited from stronger base metal prices – Rio Tinto closed up 10 cents at $64.84 and BHP Billiton gained almost 0.5 per cent to $36.86.

West Texas crude oil was worth US$88.15 ($84.74) a barrel, and Tapis eased slightly to US$114.88 ($110.44) a barrel.

Spot gold was fetching US$1656.36 ($1592.35) an ounce.


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