The S&P-ASX 200 index closed 47.6 points higher at 4190.4 points while the All Ordinaries added 47 points to close at 4195.9.
The commodities failed to make up for yesterday’s losses and slipped further into the red today with nickel, copper and zinc all losing more than 2% on the London Metal Exchange overnight.
Nickel was down 2.17% to $US16,201 per tonne, copper fell 2.03% to $5406.5/t and zinc lost 2.81% to $1617.75.
COMEX gold was trading at $927.20 per ounce, falling from a closing price of $953.50 on Tuesday, while spot gold was trading marginally higher at $930.45/oz after adding 0.12%.
The Australian dollar was also rocked by uncertainty today as investors raised concerns over an unexpected decline in the Chinese share market.
China’s stock market yesterday suffered its biggest percentage drop in eight months on concerns that credit may be tightened.
At the close of trade, the Australian dollar was worth US82c against the greenback.
In mining news, Lihir Gold’s second quarter gold output slump to 294,024 ounces from 317,998oz in the first quarter didn’t create too many worries for the miner with shares up 5c to $2.75 at the close of trade.
However, the other gold miners failed to attract much attention and shares in Newmont Mining and Sino Gold slumped 2c to $4.81 and 13c to $5.35 respectively.
The iron ore majors had varied sessions today with BHP Billiton shaving off 28c to $37.15 at the close of trade, while rival Rio Tinto added 10c to $58.10.
Hannans Reward saw a jump in shares after the junior minerals explorer signed a deal with Kagara and St Barbara to buy an 85% interest in unexplored ground considered prospective for nickel and gold in Western Australia.
Shares in Hannans Reward jumped 4c or 33.33% to 16c.
Investors also looked kindly on the quarterly cash flow and activities report from Globe Metals and Mining, with managing director Mark Sumich commenting that a recent trip to China had made it “abundantly clear that the steel industry’s demand for niobium remains as rapacious as ever, and the outlook in relation to likely future demand even more attractive”
Globe closed the day with shares up 6.5c or 30% to 28c.
Shares in Felix Resources also jumped today after it beat its own guidance and market expectations for full-year coal production and revealed it was shipping significant volumes of coal to China and India.
It closed up 20c to $17.20.
Fortescue Metals Group slapped on 27c in today's session to close at $4.43, despite making no announcement.
Energy Resources of Australia was another to be hit with a major share price shift today despite no announcement, however, it saw shares fall 98c to $24.95.
It was a fairly gloomy day out for Gleneagle Gold which lifted a trading halt after failing to reach an agreement over the acquisition of coal interests in South Africa. Its shares lost more than 66% after losing 5.8c to close at 2.9c.
It was also one of the most traded stocks of the day with almost 40 million shares changing hands.
