Market Update: The S&P/ASX200 moved 0.4% higher to 5,434 points following a rebound in the US equity markets overnight

Market Update: The S&P/ASX200 moved 0.4% higher to 5,434 points following a rebound in the US equity markets overnight. Resources led the gain with BHP and RIO rising 1.1% and 0.9% respectively. Gold miners rebounded as spot gold rose 0.9% last night. Medusa Mining advanced 5.2% while Newcrest Mining added 4.5%. Elsewhere, Regis Resources plunged 16.8% after torrential rain halted mining at its Duketon project in WA. The banks were mixed with ANZ, CBA and WBC all up between 0.5% to 0.6% while NAB dropped 2.2% after its first-quarter profit came in softer than expected as expenses outpaced revenue growth. The AUD was a little softer trading at USD 0.8994. The SPI was up 0.3% at 5,398 points on the Sydney Futures Exchange.