Aust stocks close higher

A staff reporter, with AAP

The Australian share market has tracked higher throughout what was a shortened trading day ahead of the Christmas Day holiday.

At the day's official close of 1430 AEDT the benchmark S&P/ASX200 index was up 35.3 points, or 0.67 per cent, at 5,327.2, while the broader All Ordinaries index was up 33.9 points, or 0.64 per cent, at 5,325.4.

"It looks like that Santa rally that we've been hoping for has come through for local investors," CommSec market analyst Juliette Saly said.

"The last four sessions that we've seen have been a great boost for investor sentiment, really on the back of strong global growth figures that we saw coming through out of the US on Friday."

US stocks jumped to new highs overnight after the International Monetary Fund praised the Fed Reserve's move to cut its stimulus measures, and said it had a "much stronger outlook for 2014" in the US economy.

While trading was light, retailers performed particularly well, Ms Saly said.

Financials were stronger across the board.

ANZ added 0.56 per cent to $32.12 and Commonwealth Bank gained 0.52 per cent to $77.16.

National Australia Bank lifted 0.46 per cent to $34.78, while Westpac rose 0.69 per cent to $32.14.

Investment bank Macquarie Group inclined 1.73 per cent to $55.95.

In insurance, IAG gained 1.41 per cent to $5.75, Suncorp pushed 0.31 per cent higher to $13.04, while QBE lifted 1.13 per cent $11.68.

Materials were mixed, with the major miners split down the middle.

BHP Billiton added 0.35 per cent to $37.29, while rival Rio Tinto inched down 0.09 per cent to $66.84.

Fortescue Metals dropped 1.05 per cent to $5.68 and Newcrest added 0.93 per cent to $7.61.

Whitehaven Coal lost 0.52 per cent to $1.93 while Santos put on 0.55 per cent to $14.58.

Oil Search edged up 0.12 per cent to $8.21 and Woodside Petroleum inclined 0.51 per cent to $39.10.

The retail sector put in a good performance as retailers reported strong Christmas trading.

Wesfarmers rose 0.6 per cent to $43.79 while rival Woolworths added 0.27 per cent to $33.70.

Myer lifted 1.87 per cent to $2.73 and rival David Jones gained 1.7 per cent to $2.99.

Harvey Norman advanced 1.61 per cent to $3.15, while JB Hi-Fi added 1.18 per cent to $21.38.

In media, Fairfax Media lost 2.31 per cent to 63.5 cents, 21st Century Fox added 0.74 per cent to $37.98 and News Corp inclined 1.01 per cent to $19.95.

Ten Network was flat at 29 cents, as was Seven West at $2.36, while Southern Cross Media rallied 2.39 per cent to $1.715.

Telstra inclined 0.58 per cent to $5.23, while Qantas rose 0.46 per cent to $1.10.