THE sharemarket finished marginally higher as investors awaited the outcome of a meeting between European finance ministers to determine the next move on Greece's debt.
The benchmark S&P/ASX 200 Index rose 11.2 points, or 0.3 per cent, to 4424.2, while the broader All Ordinaries gained 12 points, or 0.3 per cent, to 4443.5.
Among the sectors, industrials rose 1.3 per cent, goldminers were up 1.1 per cent, materials added 0.7 per cent, while consumer staples and consumer discretionary both inched up 0.5 per cent. Telecoms bucked the trend, falling 1.1 per cent.
"It was quite a positive week last week and that just seems to have flowed over, with risk assets like stocks, commodities and currencies performing pretty well, so I guess just a shift from the defensive assets into the growth assets," said Darryl Conroy, markets analyst at Suncorp.
Investors were generally cautious as eurozone finance ministers are set to meet for the third time in two weeks to discuss Greece's aid program.
Greece, after a ?130 billion ($A160 billion) bailout was approved earlier this year, is waiting on several loan instalments to help ease its crippling debt, but so far European leaders have failed to come to an agreement on the details of the plan.
"It's an absolute merry-go-around [in Europe], it just seems to come up every couple of months. Once again, don't expect any real, long-lasting solutions. Hopefully markets are just hanging out for what they want to hear," said Mr Conroy.
BHP was the biggest contributor to the market, jumping 0.8 per cent to $34.01, and was responsible for a push of 4.18 points on the ASX 200.
Rio Tinto traded relatively flat at $57.21, while iron ore miner Fortescue added 3.3 per cent to $3.80.
The big banks were mixed, with ANZ slipping 0.1 per cent to $23.57 and Westpac down 0.7 per cent to $24.76, while NAB added 0.3 per cent to $23.70 and CBA rose 0.3 per cent to $59.15.
Media stocks enjoyed a nice run, featuring heavily among the top gainers for the day.
Fairfax Media jumped 4.7 per cent to 45?, Seven West Media rose 4.5 per cent to $1.64 and APN News & Media added 7.1 per cent to 30?. News Corporation and Ten Network bucked the trend, trading flat.
Domain provider Melbourne IT hit a nine-month low after the company announced its earnings before interest and tax (EBIT) would be 10 per cent lower in 2012 compared with 2011. Shares dropped 10.9 per cent to $1.55.
The dollar traded within a tight range, holding at about US104.5?.
Frequently Asked Questions about this Article…
How did the Australian sharemarket (ASX 200) perform in the session covered by the article?
The sharemarket finished marginally higher: the S&P/ASX 200 rose 11.2 points (about 0.3%) to 4,424.2, and the All Ordinaries gained 12 points (0.3%) to 4,443.5.
Which sectors led gains and which sectors fell on the day?
Industrials led the upside, rising about 1.3%, while gold miners were up roughly 1.1% and materials added about 0.7%. Consumer staples and consumer discretionary both inched up around 0.5%. Telecoms bucked the trend and fell about 1.1%.
What was driving investor caution ahead of the eurozone meeting on Greece's debt?
Investors were cautious as eurozone finance ministers were meeting again to discuss Greece's aid program and outstanding loan instalments. The uncertainty around agreement details for Greece's roughly €130 billion (about A$160 billion) bailout kept markets on edge.
Which big miners moved the market the most?
BHP was the single biggest contributor, jumping 0.8% to $34.01 and adding 4.18 points to the ASX 200. Rio Tinto traded relatively flat at $57.21, while Fortescue climbed about 3.3% to $3.80.
How did the major banks perform during the session?
The big banks were mixed: ANZ slipped about 0.1% to $23.57 and Westpac fell about 0.7% to $24.76, while NAB added roughly 0.3% to $23.70 and CBA rose about 0.3% to $59.15.
Were media stocks a good performer that day and which companies stood out?
Yes — media stocks enjoyed a strong session. Fairfax Media jumped about 4.7%, Seven West Media rose roughly 4.5% to $1.64, and APN News & Media gained around 7.1%. News Corporation and Ten Network traded flat.
What company news led to a notable share price drop on the day?
Domain provider Melbourne IT warned that EBIT would be about 10% lower in 2012 versus 2011, and its shares fell about 10.9% to $1.55, hitting a nine‑month low.
Did the Australian dollar move much during the session?
No — the Australian dollar traded in a tight range and held at about US 104.5 (as reported), showing little volatility during the session.
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