Miners A Drag As ASX Notches Small Gain



The Australian sharemarket has finished higher despite losses in the heavyweight mining sector.

The S&P/ASX200 index closed up 24.5 points, or 0.39 per cent, to 6383 while the all ordinaries was up 22.8 points, or 0.35 per cent, to 6466.4.

All sectors were up except the mining and energy, which Bell Direct market analyst Julia Lee attributed to weaker commodity prices, in particular iron ore.

Utilities and property trusts were the biggest gainers, with both sectors up more than 2 per cent, which Ms Lee said was not surprising given all the talk of interest rate cuts in Australia and the US.

Among utility stocks, APA Group was up 3 per cent to $10.61, AGL Energy was up 1.87 per cent to $20.65 and AusNet was up 2.2 per cent to $1.835.