Australian shares close higher, led by BHP Billiton |
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Published
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Thu, 31 May 2007 07:41
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SYDNEY (XFN-ASIA) - Share prices closed higher after investors took encouragement from the strong gains in US markets overnight and snapped up stocks hit by yesterday's sell-off, which was due to concerns that Chinese stock markets might be heading for a major correction, dealers said.Dealers said gains by index leader BHP Billiton and major banks had led the advances as confidence returned to the market.The S&P/ASX 200 ended 70.1 points or 1.12 pct higher at 6,313.5, off a high of 6,342.5 and a low of 6,260.9.The All Ordinaries index closed 70.1 points higher at 6,341.8.Dealers said the advances were broad.BHP Billiton gained after the company announced that the president of its non-ferrous materials group, Marius Kloppers, would succeed Chip Goodyear as chief executive on Oct 1, dealers said.They said Kloppers was likely to be more aggressive in chasing deals than Goodyear, while the choice of an internal candidate meant a smooth transition.(1 usd = 1.21 aud)bruce.hextall@xfn.com
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