CANBERRA: The sharemarket extended its early gains to noon, as energy producers and the big banks gained ground. At midday (AEST) the benchmark S & P/ASX200 was up 0.6 per cent at 5,945.8, keeping the index at its highest level in two years. The broader All Ordinaries index was up 30.3 points, 0.51 per cent, at 5,979.2 points.
The energy sector was boosted by a rise in global oil prices, due to Middle East supply concerns. Woodside Petroleum was up nearly two per cent while Oil Search was one per cent higher. All four big four banks were in positive territory, led by National Australia Bank, which was up 1.6 per cent. Material stocks were mixed, with Rio Tinto and South32 higher and Fortescue Metals 1.6 per cent weaker. Shares in BHP Billiton were down more than one per cent after the mining giant rebuffed a proposal by hedge fund Elliott Advisors to restructure the business by shedding its dual Australia-UK listing and spinning off its petroleum business. The Australian dollar regained ground to be back above US75 cents.
