The Australian share market closed higher, led by resources stocks that rebounded after being battered last week due to falling commodity prices. It was the second consecutive day of gains on the ASX, with most sectors having positive days. CommSec market analyst Steve Daghlian said the 1.3 per cent gain among resource stocks was much needed after miners had their biggest fall last week since May 2012, losing seven per cent in five days. The big miners led the charge on Monday, with Rio Tinto gaining 80 cents to $55.12 and Newcrest up 36 cents to $17.01 while BHP Billiton was up 32 cents at $31.72. An exception was Oz Minerals, which plummeted more than 10 per cent to 10-year lows after it downgraded copper production guidance and raised cost forecasts. The company's shares shed 10.6 per cent, or 51 cents, to $4.30 and are down 35 per cent in 2013. Telstra was flat at $4.76 after a recent bull run. The telco put on 3.5 per cent last week as offshore concerns sent investors rushing for defensive stocks, and is up nine per cent this year and gained 31 per cent last year. National Australia Bank jumped 19 cents to $31.64, while Westpac added nine cents to $31.32, ANZ gained 16 cents to $28.57 and Commonwealth Bank surged 55 cents to $69.33. At the close on Monday, the benchmark S&P/200 index was up 34.7 points, or 0.7 per cent, at 4,966.6 points. The broader All Ordinaries index was up 32.4 points, or 0.66 per cent, at 4,955.4 points. The June share price index futures contract was up 33 points at 4,959 points, with 19,613 contracts traded. National turnover was 1.5 billion securities worth $3 billion.