AFTERNOON REPORT(5pm AEST)

The Australian share market had a positive session on Thursday, thanks to a record high on the US S&P 500 Index overnight, strong gains in China and a rally in the gold price.

Both the All Ordinaries Index (XAO) and ASX 200 Index (XJO) closed above 5000pts.

China's Shanghai Composite was up almost 2 per cent in late trade, on the back of hopes for more economic stimulus.
The gold price had its biggest one day gain in over a year during New York trade as the US dollar softened. In late Asian trade, gold was slightly lower at US$1331 an ounce. Shares in Australia's largest listed gold producer Newcrest Mining (NCM) today rose 5.4 per cent to $12.60 while Gold One International (GDO) was up 50 per cent to 22.5c and AngloGold Ashanti (AGG) was firmer by 5.3 per cent to $2.96.

Fortescue Metals Group (FMG) shares eased to $3.62 despite the iron ore miner reporting a 41 per cent jump in production last financial year. FMG shipped 25 million tonnes of the commodity in the June quarter, up 24 per cent compared to the previous period.

Fertiliser and explosives manufacturer Incitec Pivot (IPL) saw its share price rise by 0.4 per cent today to $2.70, rebounding after hitting a four year low earlier in the day on news it had closed its Phospate Hill fertiliser plant.

On the market overall, a total of 1.6 billion shares changed hands, worth $4.1 billion. 514 shares were up, 366 were down and 350 were unchanged.

At 5pm AEST the SFE 200 Futures Index was at 4979pts, up 2.

The Australian dollar is stronger at US92.6c, €70.28c and £0.6032.
Ahead tonight, the Richmond Federal Reserve index is released together with weekly chain store sales and the FHFA home price index.

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