Market Wrap: ASX 200 edges higher as miners fire

The local sharemarket ended the day in the black, although its earlier gains slowly evaporated.

Here's a quick recap:

• S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.2% to 5,210 points
• ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.2% to 5,241 points
• AUD/USD at US 71.74 cents
• Iron Ore at US$53.14 a tonne, according to the Metal Bulletin
• Gold at US$1,143.64 an ounce
• Brent oil at US$51.50 a barrel

Australia's mining stocks led an early rally. Companies such as BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) managed to retain their early gains, ending the day 3.1% and 1.9% higher.

South32 Ltd (ASX: S32) and Fortescue Metals Group Limited (ASX: FMG) also closed significantly higher, rising 8% and 5.2% respectively.

However, the banks acted as something of a weight late in the session. After rising strongly earlier, all four banks ended the day between 0.1% and 0.8% higher, with Australia and New Zealand Banking Group (ASX: ANZ) the top performer.

Telstra Corporation Ltd (ASX: TLS) also ended the day in the red, down 1.1%, as did Wesfarmers Ltd (ASX: WES) which fell 0.6%. Woolworths Limited (ASX: WOW) rose 0.7% for the day.

Western Areas Ltd (ASX: WSA) and Santos Ltd (ASX: STO) were the market's top-performing stocks, up 9.2% and 8.5%. Beadell Resources Ltd (ASX: BDR) was the worst, falling 6.5%.

Here are Thursday's top stories:

1. 5 great dividend stocks to boost your income in 2016
2. Is Woolworths about to dump Masters?
3. Macquarie Group Ltd announces $8.2 billion Esanda acquisition
4. Have the brokers made the wrong call on resources stocks?
5. Washington H. Soul Pattinson and Co. Ltd bets big on coal
6. Is the S&P/ASX 200 set to BOUNCE?