(RTTNews) - The Australian market extended gains for the third successive day and ended in positive territory on Wednesday, lifted by gold and mining and metal stocks which rose in the international market following better than expected manufacturing data from the U.S. Positive closing in Wall Street in the previous session also lifted market sentiment as traders return back to the buoyant mood that was prevailing before the Dubai crisis.
The benchmark S&P/ASX200 Index rose 43.40 points, or 0.92% to close at 4,762, while the All-Ordinaries Index ended at 4,777, representing a gain of 43.60 points, or 0.92%.
Light sweet crude oil futures for January delivery ended at $78.55 a barrel in electronic trading, up $0.18 per barrel from previous close at $78.37 a barrel in New York on Tuesday.
Gold and mining related stocks led the gains after the prices of metals rose in the international market in the previous session.
Lihir Gold rose 4.19%, Newcrest Mining climbed 4.97% and Sino Gold Mining surged up 5.94%.
Among mining and metal stocks, BHP Billiton advanced 1.40%, Rio Tinto gained 3.00%, Fortescue Metals added 0.70%, Gindalbie Metals climbed 4.40%, Murchison Metals surged up 9.88%, Mincor Resources rose 2.20% and Oz Minerals increased 5.02%.
Oil and energy stocks also ended in positive territory. Woodside Petroleum advanced 1.01%, Santos added 0.54%, Oil Search Ltd gained 2.39% and Origin Energy rose 1.41%.
Steel stocks also ended in positive territory after Blue Steel announced plans to enhance production capacity at its plant in Indonesia. The stock price gained 2.84% following the announcement. One Steel also ended in positive territory with a gain of 1.96%.
Banking stocks also extended their gains and ended higher. ANZ Bank added 0.68%, Commonwealth Bank of Australia gained 1.58%, National Australia Bank advanced 0.88% and Westpac Banking Corp . Edged up 0.37%. Investment banker Macquarie Group, however, bucked the trend and ended in negative territory with a loss of 0.82%.
Mixed trading was witnessed among retail stocks. While David Jones shed 0.17% and Woolworths slipped 0.46%, Harvey Norman gained 1.38%, JB Hi-Fi Ltd added 0.52% and Wesfarmers edged up 0.14%.
In the U.S., stocks rose by significant margins on Tuesday, with diminishing concerns over the Dubai financial crisis and a silver lining in the day's mixed economic data fueling the day's rally. The major averages all finished in positive territory, with the Dow finishing at a fresh yearly high. The Dow gained 126.74 points or 1.2% to close at 10,472, the Nasdaq rose by 31.21 points or 1.5% to 2,176 and the S&P 500 advanced by 13.23 points or 1.2% to 1,109.
