Local shares staged a small recovery today as investors moved into oversold mining shares, although banks were not in vogue. The rise was despite a fall in most commodity prices and oil and gold prices.
Asian shares were also in recovery mode with both Hong Kong and Japan trading higher.
The benchmark S&P/ASX200 index ended the day up 21.4 points, or 0.6%, higher at 3550.9.
BHP and Rio buoy miners
BHP Billiton (ASX:BHP) was up 98 cents, or 3.39 per cent, to $29.88, Rio Tinto (ASX:RIO) was up $1.05, or 2.82 per cent, to $38.35, Fortescue Metals (ASX:FMG) gained 7.9%, to $1.50 and Mirabela Nickel (ASX:MBN)jumped 7.9%, to $1.50.
Gold stocks were higher. Lihir Gold (ASX:LGL) added 5.1%, to $2.68 and Newcrest Mining (ASX:NCM) was 2.5% higher, at $28.95.
Santos (ASX:STO) added 2.1%, to $14.08 and Woodside Petroleum (ASX:WPL)was down 1.5%, to $33.53.
Coal stocks were mixed, Macarthur Coal (ASX:MCC) was up 4.7%, to $3.09, Centennial Coal (ASX:CEY) was down 1.2%, to $2.42 and Arrow Energy (ASX:AOE)was square at $2.14.
Banks mostly lower
ANZ Bank (ASX:ANZ)was down 27 cents to $14.30, Commonwealth Bank (ASX:CBA) added 4 cents to $27.35, NAB (ASX:NAB) was down 25 cents to $19.35 and Westpac (ASX:WBC) was down 5 cents to $16.11 and Macquarie Group (ASX:MQG)lost 2.5%, to $28.17.
The Australian dollar was trading up at 67.30.