The Australian share market closed at its highest level in nearly seven months as better-than-expected local and overseas economic data heartened investors and boosted resources stocks.
At the 1615 AEST close, the benchmark SP/ASX200 index had lifted 60.9 points, or 1.56 per cent, to 3955.3, while the broader All Ordinaries index advanced 61.7 points, or 1.59 per cent, to 3949.6 points.
The last time the local market had closed at those levels was in mid-November 2008.
The local bourse rose as a narrowing current account deficit and improving trade position raised expectations that the Australian economy had managed to avoid a contraction in the March quarter.
Building approvals rose for the third consecutive month as low interest rates and grants from the federal government enticed home buyers.
Resources stocks have been lifted by data released by China on Monday showing that China’s manufacturing activity had expanded in May for the third consecutive month.
In the US overnight, better-than-expected readings on manufacturing, consumer spending and construction spending boosted Wall Street.
The Reserve Bank of Australia, which kept interest rates unchanged on Tuesday, also said there was evidence the global
economy was stabilising and the turnaround was clearest in China. 
City Index markets strategist Alex Douglas said the positive data releases over the last few days were driving the market.
‘If we go back to yesterday, there was positive data from China.
‘That was backed up with some manufacturing data in the States overnight which was slightly firmer than anticipated,’ Mr Douglas said.
Locally, the building approvals figures were also positive.
‘So little bits of evidence like that of growth emerging – that’s helping to support the markets,’ Mr Douglas said.
In the resources sector, global miner BHP Billiton gained 96 cents to $36.70.
Rio Tinto jumped $2.67 to $69.00 after the company announced it had settled terms of iron ore contracts with many Asian customers.
Oil and gas producer Woodside Petroleum rose 88 cents to $44.90 as it said it planned to retain at least 50 per cent equity in the second and third stages of its Pluto liquefied natural gas (LNG) development at Karratha in Western Australia.
Santos firmed five cents to $14.90.
Among the major banks, Commonwealth Bank strengthened 17 cents to $36.33, Westpac surrendered 18 cents to $18.76, ANZ gave away 21 cents to $15.98, and National Australia Bank gained 28 cents to $22.80.
Investment bank Macquarie Group was up 91 cents at $36.30 as it said it was not aware of any reason or information not already announced that could have prompted a lift in its share price since late last week.
On Wall Street overnight, the Dow Jones Industrial Average index rose 221.11, or 2.6 per cent, to 8,721.44.
In the gold sector, Lihir slipped one cent to $3.30, Newmont lost 24 cents to $6.00, and Newcrest picked up 15 cents to $33.89.
The price of gold in Sydney at 1628 AEST was $US973.85 per fine ounce, down $US10.25 on Monday’s close of $US984.10.
Telco Telstra was off two cents at $3.07, and Optus-owner Singapore Telecommunications shed six cents to $2.50.
Retailer Woolworths ascended 60 cents to $26.00, and Wesfarmers, which owns Coles, was $1.09 heavier at $23.37.
In the media sector, News Corp was 25 cents richer at $14.68, and its non-voting stock improved 20 cents to $12.75.
Consolidated Media lifted three cents to $2.38, and Fairfax gained six cents to $1.26.
Among other stocks, automotive brakes supplier Pacifica Group was steady at 13.5 cents after it said the bankruptcy of car-making giant General Motors Corp in the United States was likely to hurt Pacifica’s earnings in 2009.
The top-traded stock by volume was property developer GPT group, with 74.74 million shares worth $36.4 million changing hands.
GPT was 1.5 cents lower at 48 cents.
Preliminary national turnover was 2.43 billion shares worth $5.85 billion, with 657 stocks up, 412 down and 324 unchanged.
Source www.bigpondnews.com
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All the latest NEWS from Perth 
Ramsay fires back at Grimshaw
Posted in Local News, tagged "sexist, A Current Affair, abusing, aimed, allegations, allegedly, angry reaction, appearance, arrogant, at the food show, attack, audience, Australia, avalanche, bitter, blown out of proportion, branding, Britain, bully, calling, celebrity chef, chefs, comments, compared, confine, congratulating, deeply mortified, denied, disgusting, extra-marital affair, Fairfax Radio Network, fired, fray, gay., generated, global, Good Food and Wine Show, Gordon, Gordon Ramsay., Grimshaw, guilty, Health Minister, himself, homophobic remarks"., insinuations, intended, joke, Julia Gillard, kevin rudd, kitchen, lawyers, lesbian, Local News, long-running, Melbourne's, Melbourne's Yarra River, members, Mr Rudd's deputy, Ms Gillard, narcissist, New Zealand, Nicola Roxon, nine network, offensive, outburst, overwhelmed, photo, pig, Prime Minister, private life, program, prop., public, public rant, Ramsay, rant, ratings, reflected, remorse, report, reporters, sad, scrutinised, second, sex god, sexuality, stop, support, Tana, The Mail Online, The Mirror, tongue-in-cheek, too far, Tracy Grimshaw, TV chef, TV presenter, uninformed, US, US celebrity watcher Perez Hilton, veteran, viewers, volley, weekend, wife, women, women's groups. on June 9, 2009| 1 Comment »
Days after a public rant aimed at Tracy Grimshaw, celebrity chef Gordon Ramsay has fired a second volley branding the TV presenter “sad”
and “bitter” for defending herself.
Ramsay denied calling the Nine Network veteran a lesbian at a weekend appearance at Melbourne’s Good Food and Wine Show during which he also allegedly compared her to a pig, using an offensive photo as a prop.
Ramsay on Tuesday said he was “deeply mortified” that his intended joke had been blown out of proportion – and that was before Prime Minister Kevin Rudd said the chef’s comments reflected a “new form of low life”.
Mr Rudd’s deputy Julia Gillard and Health Minister Nicola Roxon joined the fray, saying Ramsay should confine himself to the kitchen and stop abusing women.
But there was no remorse from the TV chef after Grimshaw used her A Current Affair program on Monday to take him to task over his food show rant.
Ramsay on Tuesday said he’d never used the word “lesbian” to describe Grimshaw, and said she herself was guilty of a “disgusting” attack on his wife Tana, who’s due in Australia in two weeks.
“She’s obviously doing it for the ratings,” he said of Grimshaw, speaking to reporters after a run along Melbourne’s Yarra River.
On Monday, Grimshaw branded Ramsay a bully and an “arrogant narcissist”. She said he’d made “uninformed insinuations” at the food show about her sexuality, and she told her viewers she was not gay.
Grimshaw said that before a recent interview for her program, Ramsay had insisted she refrain from asking about his private life following allegations of a long-running extra-marital affair.
“We all know why,” she said.
She added: “… I’m not surprised by any of this. We’ve all seen how Gordon Ramsay treats his wife – and he supposedly loves her. We’re all just fodder to him.”
Asked if he could understand how Grimshaw felt, Ramsay told reporters: “I never once said the word lesbian, I was having a tongue-in-cheek joke – it was not at her expense.
“For me on a personal front, to see how sad and how bitter for someone to come out like that, for a renowned pro to come out and stoop that low, is disgusting.”
He said tapes of the alleged incident were being scrutinised by his lawyers.
Mr Rudd was firmly in Grimshaw’s corner on Tuesday, congratulating her for giving Ramsay a “left uppercut” in her reply.
“I think I can describe his remarks as reflecting a new form of low life,” he told the Fairfax Radio Network.
“I just drew breath when I saw the sort of stuff which was said about her. I just think that’s off and offensive.”
Earlier, Ms Gillard said the celebrity chef should stay in the kitchen.
“I think perhaps what he should do is confine himself to the kitchen and make nice things for people to eat rather than make public comments about others,” she said.
Health Minister Nicola Roxon said there was no need for “women to be abused in our community at any level”.
Grimshaw said she had been overwhelmed by the avalanche of support she’d received.
The fallout from Ramsay’s rant has gone global, spreading to his homeland Britain and to the US and New Zealand.
Britain’s The Mirror sent up Ramsay in a report headlined: “Good thing Gordon Ramsay is such a sex god.”
“Gordon is such a handsome devil, a veritable sex god come to Earth to live among men, you can understand why he might feel that mere mortals are unworthy of his presence,” the report said.
The Mail Online carried a report about the outburst and the angry reaction it had generated among audience members and women’s groups.
US celebrity watcher Perez Hilton said Ramsay had gone too far with his “sexist, homophobic remarks”.
Source www.ninemsn.com.au
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