Traders push local share market higher in thin holiday trade

The silly season continues for the local share market, with traders pushing it 1.4 per cent higher in thin holiday trade.

The All Ordinaries added 76 points to close at 5,447, while the ASX 200 rose 1.5 per cent to close at 5,474.

All sectors saw strong gains, particularly healthcare and resources.

BHP Billiton and Rio Tinto both added just over 2.5 per cent and Fortescue surged 8.3 per cent.

They were helped by a small recovery in the spot iron ore price, which has risen to $US66.70.

Also in resources Sundance rose 16 per cent on news the miner has identified major cost cuts, which include staff and other overheads, which it said should lift its bottom line.

The healthcare sector was buoyed by an announcement from beleaguered Pharmaxis, which surged a whopping 64 per cent after revealing a funding and distribution deal with global giant Chiesi.

It has also settled its dispute with NovaQuest.

Medibank continues to be a quiet achiever, with the health insurer now up to $2.39 after adding another 0.4 per cent today.

In the retail space it was Myer that surged ahead, up 8 per cent for the day to $1.42 with traders possibly buoyed by the footage of customers sprinting into the stores for the Boxing Day sales.

Woolworths was the best of the two big supermarkets, rising 2 per cent.

About 5pm (AEDT), West Texas crude closed lower at $US54.54, Singapore Tapis crude was down to $US61.69, but in the UK the price of Brent crude was 0.8 per cent higher at $US59.95.

The price of gold is slightly higher at $US1,195.72 and the Australian dollar is buying 81.35 US cents.