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Stocks up across the board on higher commodity prices

THE Australian sharemarket closed higher today on the back of firmer commodity prices and across-the-board gains, helped by a strong US lead.

The benchmark S&P/ASX200 index was up 28.5 points, or 0.58 per cent, at 4,954.3 points, while the broader All Ordinaries index gained 31 points, or 0.63 per cent, to 4,980.5 points.

On the Sydney Futures Exchange, the June share price index contract was 44 points higher at 4,973 points on volume of 24,269 contracts.

"It’s been a relatively quiet day on the market … we seem to have got over the panics of late last week,” City Index market strategist Michael McCarthy said.

"We’ve seen a broad move back into stocks that were pummelled over the past few days, with star performers including the small miners, and that seems to be a common theme.

"There has been increase in risk appetite.”

National Australia Bank (NAB) retreated 37 cents to $28.46 after rallying on Tuesday the day after the competition regulator rejected its takeover bid for AXA Asia Pacific.

Rival suitor AMP gained ground after being sold off on Tuesday.

Shares in AXA were up nine cents to $6.22 and AMP shares lifted 14 cents to $6.43.

Commonwealth Bank was up 26 cents at $59.53, ANZ lifted 27 cents to $25.40 and Westpac advanced 36 cents to $28.20.

Mr McCarthy said the energy sector was a strong performer, with uranium miner Paladin Energy putting on nine cents, or 2.29 per cent, to $4.02.

Woodside was up 56 cents at $46.87, Oil Search was 10 cents higher at $5.87 and Santos appreciated three cents to $14.21.