PERTH: Resurgent resources stocks have pulled the Australian sharemarket to a third straight higher close, as investors continue to pile into the oversold energy and mining sector.
It was a volatile day of trade on the local exchange, with the market swinging between positive and negative territory before finishing decisively higher.
At the 4.15pm (AEDT) official market close, the benchmark S & P/ASX200 index was up 30.5 points, or 0.59 per cent, to 5197.9, while the broader All Ordinaries had gained 29.4 points, or 0.57 per cent, to 5228.4.
The energy sector has rallied 12 per cent over the last five days, riding a strong lift in oil prices as traders eye a squeeze on supply. Crude prices hit a one-month high overnight after surging 5 per cent.
Meanwhile, mining stocks have managed to pile on 7 per cent over the last five sessions, with the resources sector helping the Australian stockmarket bounce strongly off a two-year low it hit last week.
The energy sector was particularly strong today, with Oil Search adding 4.76 per cent to $7.70, while Woodside Petroleum gained 5.98 per cent to $32.10.
Origin Energy surged 9.71 per cent to $6.10 after the company withdrawn multi-million dollar awards to key executives in the wake of losses, bowing the shareholder pressure.
AWE jumped 15.07 per cent to 84c after announcing strong flow-testing results from its onshore gas well in Western Australia.
