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Australian equities

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SYDNEY: The Australian share market closed higher after a strong afternoon session led by a turnaround in the futures market and a firmer bond market.

At 0605 GMT, the All Ordinaries index was 8.1 points higher at 2132.4.

The September share price index contract was up 10 points at 2164, a 31.6 point premium to the physical market.

Brokers said that a futures turnaround in the afternoon and a firmer bond market had lead the market to its day's highs before slipping back in late trading.

"Programme trading has pushed us up this afternoon although our market does look reasonably strong," said Stephen Smith of Burdett Buckeridge and Young.

"Depending on offshore markets, this looks like a level we can hold," he said.

After hitting the day's lows of 2112.7 points early after lower metals prices and the CRA profit result, the market climbed back to positive territory by midday on the back of firm bonds following GDP and retail sales figures.

It then kicked on strongly in the afternoon to reach an intra day of 2138.2 points.

Other triggers of the afternoon comeback was News Corp's jump after news of Time Warner bidding US$8.61 billion for Turner Corp although analysts said News was due for a bounce back after recent weakness following its profit result.

Resources sector movers were CRA and Newcrest following profit result, Petroleum Securities which announced a share placement, and Eagle Mining which soared on takeover rumours.

Industrial notable were News Corp, Atlas Steels after a revised takeover bid of A$1.70 from Email, Simsmetal on the back of an improving market view of the company's prospects and Exicom after large institutional sale in the afternoon.

Rises outnumbered falls by a ratio of nine to seven while 30 percent of issues traded remained steady.-Reuter