While the bourse closed lower yesterday, it seemed like it was going to be a good day for the market early on, with stocks trading higher at noon.

The benchmark S&P/ASX 200 index closed up 0.7% or 30.4 points to 4477.7 points following solid gains in a majority of sectors.

Health care gained 1.8%, while financials performed well after adding 0.7%.

Basic materials closed up 0.7%, but telecommunications dropped 0.4%.

In local news, the Australian Bureau of Statistics reported that new private capital spending rose 2.8% in the September quarter to $42.5 billion.

Meanwhile, the Housing Industry Association said sales of new homes in Australia rose 3.4% in October.

It was a slightly better trading day for the miners following widespread falls mid-week.

Newcrest Mining gained 1.1% to $A25.61 but gold producer Regis Resources did not fare as well.

Shares in Regis retreated 3% to $5.14 after announcing a small drop in guidance.

Investors reacted positively to news Rio Tinto would reduce costs in the two few years, with the company closing up to 0.8% to $57.18.

BHP Billiton added 0.6% to $34.21 while Fortescue Metals Group advanced 1.6% to $3.86.

Arrium posted a 5.8% gain to close at 81.5c while uranium producer Paladin Energy picked up 5.4% to 87.5c.

Orocobre was issued a speeding ticket by the ASX after the company’s shares dropped to an intraday low of $1.37.

The company could not provide a reason for the drop but said it was aware of media reports covering the risk of a debt default by the Argentina government.

Orocobre dipped 8.6% to $1.44.