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MENAFN - ProactiveInvestors - Australia - 21/11/2012

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Positive U.S. budget talks have had a flow on effect today, driving the Australian stock market up 25 points to 4,407 points. Materials was the strongest performing sector with miners leading the charge up as most finished the day in the green.
(MENAFN - ProactiveInvestors - Australia) The All Ords managed a second day in positive territory, winding the day up 25 points, or 0.6%, at 4,407 points, while the S&P/ASX 200 closed up 24 points at 4,386 points.

U.S. markets were higher overnight on hopes budget negotiations were heading towards a resolution, with Australian markets taking on board the positive sentiment.

All of the major sectors ended the day in the green, however materials outperformed today with a 123 point, or 1.3%, gain to close at 9,882 points.

Major miners BHP Billiton (ASX: BHP) and Rio Tinto (ASX: RIO) made solid gains to cross the line in the green.

BHP added A0.37 to end at 33.58, while Rio closed 0.77 higher at 57.48.

Newcrest Mining (ASX: NCM) also made gains, with a 0.24 jump to 25.24.

The company today rejected a fifth legal claim by Gold and Copper Resources relating to various aspects of Newcrest's Cadia Valley tenure and activities.

Gold and Copper Resources has holdings of exploration licences in the Cadia district, and is seeking to expand those holdings, including by challenging existing Newcrest tenure in the region.

The latest claim is challenging the validity of two of the mining leases, granted in October 2000 and March 2001 respectively, held by Newcrest for its Cadia Valley operations.

As with the earlier four claims, Newcrest believes that this latest court action is without merit.

Meanwhile, Fortescue Metals Group (ASX: FMG) rose 0.16 to 4.01.

The energy sector was also a solid performer, adding 108 points to end the day at 12,107 points.

Woodside Petroleum (ASX: WPL) increased by 0.08 to 33.64, while Origin Energy (ASX: ORG) jumped 0.33 to 10.58.

Beach Energy (ASX: BPT) added 0.035 points to close at 1.43.

 






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