Australian shares gain ground

A recovery by the resources sector after recent falls in iron ore prices has helped the share market break a run of four straight losses. The market's gain came despite a weaker reading of business confidence, and data on home loans that showed half of new loans are going to investors. But with no trade in iron ore prices due to a holiday in China, shares in big miners rose, while the health care, property, financial and retail sectors also made gains. BHP Billiton gained 44 cents to $36.10, Rio Tinto added 75 cents to $61.77 and Fortescue Metals was four cents higher at $4.04. ANZ was the best performing bank, adding 20 cents to $33.48, Commonwealth Bank gained 28 cents to $81.54, Westpac added three cents to $34.61, while NAB dropped three cents to $34.63. Telstra gained three cents to $5.68, according to AAP.