950809

Australian scrips

finish firmer

SYDNEY: The Australian share market closed higher after recovering from early weakness as key major stocks strengthened.

The All Ordinaries Index ended 3.4 points higher at 2149.9 while the September share price index futures contract was one point up at 2183, a 33.1 premium to the physical market.

With no direction from Wall Street and weaker metal prices, the market was weak early but strong performances from key industrials News Corp and National Australia Bank lent support.

An afternoon resurgence in key resource stocks BHP and Western Mining helped push the market to a positive close.

Trader said that while the market was supported by key industrials early, the afternoon resurgence of resource majors BHP and Western Mining pushed the market to a higher close.

The market is expected to continue to trade within a narrow range as investors await new economic data and corporate earning results.

Rises outnumbered falls on the day by a ratio of about four to three while 40 percent of stocks traded remained steady .

FUTURES/OPTIONS - Derivative trade was steady with call options up on Tuesday but puts were down in what traders described as generally quiet trading.-Reuter