Australian markets

The Australian sharemarket proved resilient to a steady stream of negative news from the Middle East, closing flat on solid performances from resources and healthcare sectors. The benchmark S&P/ASX200 index was up 3.2 points, or 0.07 per cent, at 4,806.4 points while the broader All Ordinaries index added 4.5 points, or 0.09 per cent, to 4,902.8 points. On the ASX 24, the March share price index futures contract was 16 points higher at 4,801 points with 28,904 contracts traded. New York oil prices for April delivery settled $2.60 higher at $102.23 on Wednesday as loyalists of Libyan leader Muammar Gaddafi clashed with opposition rebels.

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Woodside Petroleum was up 55 cents at $43.18, while AWE jumped 10.5 cents, or 6.46 per cent, at $1.73. In spot trade in Sydney, the gold price was $US1,435.70 per fine ounce, up $US5.24 from $US1,430.46 per fine ounce on Wednesday. Australia's largest gold miner, Newcrest, was 18 cents lower at $38.23. CSL Ltd gained 60 cents, or 1.7 per cent, to $35.90, ResMed put on four cents, or 1.29 per cent, to $3.14 and Sonic Healthcare advanced 33 cents, or 2.93 per cent, to $11.60. Mining giant BHP Billiton was up 50 cents at $46.55 and Rio Tinto gained eight cents to $84.20. Among major banking stocks, NAB was down 26 cents at $25.29, Westpac lost nine cents to $23.11, Commonwealth Bank was down 46 cents at $52.11 and ANZ fell 26 cents to $23.60.

Making headlines on Thursday, engineering firm Downer EDI said it had successfully completed the $201.8 million institutional component of a capital raising. Downer EDI shares were up 0.64 per cent at $3.81. The best performing stock on the S&P/ASX 100 index was Transfield Services, up 13 cents, or 3.99 per cent, at $3.39. The worst performer on this index was Goodman Fielder, down 5.5 cents, or 4.58 per cent, at $1.145 after it went ex-dividend. Preliminary national turnover was 3.82 billion shares worth $5.4 billion, with 635 stocks up, 547 down and 373 unchanged.

The Australian dollar rose in Asia on Thursday as rising stocks globally helped traders shrug off a weak building approvals report locally. Australian bonds dropped broadly on both ends of the curve, although Middle East tensions that had pushed bonds higher over the past week continued to cast a dark cloud on all markets. Setting up early Asian trading was a slight move higher in U.S. stocks as the Federal Reserve's periodic beige book report showed nationwide economic activity continued to expand. Moreover, another gain in oil prices to above US$100 a barrel helped some commodity-linked currencies like the Australian dollar. The Australian dollar changed hands at $1.0155, up from $1.0103 late Wednesday but below the currency's intraday high of $1.0181. Against the Japanese yen, the unit traded at 83.115, from 82.745.

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