Aust share market closes slightly higher

THE Australian share market has made feeble gains, after resources stocks were spared a further pounding on Friday.

The resources sector made a modest recovery from substantial losses over the week brought on by lower commodity prices and concerns over the strength of the economy in China and the patchy economic recovery in the US.

IG Markets market strategist Evan Lucas said the resources stocks were picking up the pieces on Friday, after commodity prices improved.

"BHP and Rio have really bounced hard," he said.

"They are being picked up."

Mr Lucas said the big miners had been sold off heavily and now looked like a "screaming buy".

But he warned that global sentiment was still fragile and mining and other resources stocks could be pushed lower.

Mr Lucas said the major banks were lower after investors took profits.

In the resources sector, global miner and market heavyweight BHP Billiton lifted 75 cents, or 2.45 per cent, to $31.40.

Rio Tinto rose $2.25, or 4.32 per cent, to $54.32, after the company told shareholders at its annual general meeting in London it was a mistake to purchase aluminium maker Alcan six years ago and as a result the company was now more likely to favour some commodities over others.

Oil and gas producer Santos advanced 27 cents, or 2.37 per cent, to $11.65 after it maintained full-year targets even though first quarter oil production fell.

Rare earths supplier Lynas firmed 0.5 cents to 48.5 cents after it said it expects demand for its products to grow over the medium term following a steep fall in prices during the March quarter.

Among other stocks, manufacturer Hills Holdings eased 0.5 cents to $1.10 after it said its shares were undervalued and the company may pay a dividend at the end of the financial year.

KEY FACTS

* At 1615 AEST on Friday, the benchmark S&P/ASX200 index was up 7.5 points, or 0.15 per cent, at 4,931.9 points.

* The broader All Ordinaries index was up 11.7 points, or 0.24 per cent, at 4,923.0 points.

* The June share price index futures contract was down four points at 4,928 points, with 21,383 contracts traded.

* National turnover was 1.46 billion securities worth $4.39 billion.

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Aust share market closes slightly higher

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