SYDNEY, AAP – Fortescue Metals’ soaring annual profit has helped iron ore miners carry the Australian market to minor gains.
Fortescue shares gained 6.6 per cent after full-year profit and the final dividend more than doubled.
BHP and Rio Tinto shares rose by more than two and three per cent respectively.
The miners’ gains compensated for losses in most categories.
Consumer discretionaries fared worst and lost about one per cent.
The benchmark S&P/ASX200 index closed higher by 16.2 points, or 0.22 per cent, to 7504.5.
The All Ordinaries closed up 28.5 points, or 0.37 per cent, to 7788.6.
The Australian dollar was buying 72.94 US cents at 1618 AEST, higher than 72.50 US cents at Friday’s close.