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April 9th, 2013 
Peter Nolan
Posted
The share market has closed firmly higher, powered by gains in resources and bank stocks.
The All Ordinaries advanced by 67 points to finish on 4,980 while the ASX 200 index added 71 points to 4,977.
A rise in iron ore prices overnight lifted mining stocks; Fortescue Metals surged 7.25 per cent to $3.84, Rio Tinto pushed 3.5 per cent higher to $56.73 and BHP Billiton added 1.4 per cent.
However, iron ore explorer Sundance Resources plummeted nearly 48 per cent to 11 cents.
Sundance has cancelled Hanlong Mining’s planned $1.4 billion takeover after a series of delays.
The company says it is now in talks with other parties.
Media stocks were in focus after the Ten Network announced a first half loss of $243 million for the six months to the end of February.
Ten’s new chief executive, Hamish McLennan, blamed poor ratings and weak revenue for the result, which came after the company was forced to write down the value of its TV licenses.
But investors were turning back on to Ten; its shares rose 6.8 per cent to 32 cents.
Seven West Media shares rose by 2.5 per cent to $2.07.
Shares in casino operator Echo Entertainment rose 3 per cent to $3.72 on the day it announced plans to redevelop its casino in Sydney.
The proposal would be a major hurdle to James Packer’s planned casino for high rollers there.
Shares in Mr Packer’s Crown fell 1.4 per cent to $12.60.
Meanwhile, a closely watched survey shows company owners appeared unfazed by Labor’s leadership troubles and the banking crisis in Cyprus last month.
The NAB monthly business survey shows confidence improved very slightly in March, up one point to a reading of two on the index.
But conditions for business activity dropped to their lowest level since May 2009.
Around 5pm (AEST) the Australian dollar was buying 103.1 Japanese yen – near a five-year high. It was also higher against the greenback, buying 104.2 US cents, 80.1 euro cents and 68.3 British pence.
Spot gold was buying just under $US1,576 an ounce, West Texas crude oil was buying $US93.36 a barrel and Tapis crude was at $US109.97 a barrel.
Topics:
stockmarket,
markets,
business-economics-and-finance,
currency,
australia
Source Article from http://www.abc.net.au/news/2013-04-09/resources-and-bank-stocks-lift-market-higher/4619114
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