Australian Market Rises on Mining, Wall Street Gains

The Australian market rose modestly on Monday, helped by gains in resource stocks on a rise in commodity prices. Firmer closing on the Wall Street overnight also strengthened the market sentiment.

The benchmark S&P/ASX 200 index gained 47.70 points or 0.8% to close at 6,345.10 after moving between 6,297.40 and 6,360.30. The broader All Ordinaries index rose 49.40 points or 0.8% to 6,346.70. The S&P/ASX 200 June futures contract increased 1% to 6365.

Among the mining stocks, Alumina increased 1.6%. BHP Billiton and Rio Tinto gained 0.9% each. Compass Resource surged up 5% and Cons Minerals soared 4.4%. Kagara Zinc rose 2.9% and Lihir Gold jumped 3.4%. Minara leapt 4.6%, while Newcrest added 0.1%. Oxiana improved 1.2%, but Zinifex shed 1%. Fortescue Metals vaulted 10.8%.