Resources gains boost market to three-week high

The All Ordinaries Index added 1.2 per cent to 5,421 while the ASX 200 was up 63 points to 5,381.

BHP Billiton has risen 2.6 per cent to $35.31 following a rebound in base metals and oil prices.

Rio Tinto has added about 1 per cent and Newcrest Mining is up almost 6 per cent to $32.63.

Woodside Petroleum has gained $2.64 while Santos Limited has picked up 8 per cent.

The Commonwealth Bank was the only major bank to gain in value, adding about 1.6 per cent to $43.11 while the National Australia Bank lost $0.25, a day after lifting its standard variable home loan rate by 0.09 basis points.

Macquarie Group has given up $1.18.

Australian retailer David Jones posted a 25 per cent increase in underlying profit for the six months to the end of January.

A strong demand for cosmetics and clothing over the Christmas period has helped the retailer record the result despite a predicted slowdown in spending.

David Jones closed almost 5 per cent higher to $3.71.

Telstra is down $0.02 and Qantas has given up 2.2 per cent.

Most media stocks closed lower, with the Seven Network shedding 1.5 per cent and the Ten Network losing 4.3 per cent.

About 4:57pm (AEDT), spot gold was worth $US940.30 an ounce and West Texas Crude oil was fetching $US101.78 a barrel.

The Australian dollar was buying 91.56 US cents, 45 UK pence, 91 Japanese yen and 58 euro cents.

Source: By Australian Broadcasting Corporation