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Miners, banks help market recover


The share market has recovered from its early sharp fall as mining and bank stocks firmed.

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The benchmark S&P/ASX200 index was down 0.2 per cent in early afternoon trade, an improvement on its early fall of more than 1 per cent.

Mining shares were among the best performers, with BHP Billiton up 1.4 per cent after Brazil’s federal court ratified a settlement reached with the country’s authorities over a deadly dam spill.

Fortescue Metals was up 4.8 per cent, while Oz Minerals had gained 2.5 per cent after announcing plans to expand its Carrapateena copper and gold project in South Australia.

Among the banks, NAB and Westpac were around 0.5 per cent higher, while ANZ and Commonwealth Bank were in negative territory.

Macquarie Group was steady after reporting a record $2.06 billion annual profit and forecasting a similar profit in the year ahead.


* At 1228 AEST, the benchmark S&P/ASX200 index was down 10.4 points, or 0.2 per cent, at 5268.7 points.

* The broader All Ordinaries index was down 8.3 points, or 0.16 per cent, at 5336.2 points.

* The June share price index futures contract was down 24 points at 5242 points, with 30,889 contracts traded.

* National turnover was 989 million securities traded, worth $2.34 billion.


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