The major miners led the market gains despite the price of iron ore declining slightly as demand dipped into the end of the year.

BHP Group advanced 0.9 per cent to $41.68 and Rio Tinto 0.8 per cent to $99.54.

Smaller mining stocks supported the gains. Pilbara Minerals rose 1.9 per cent to $3.23, IGO firmed 1.5 per cent to $11.60 and Mineral Resources added 2.4 per cent to $57.54.

Sandfire Resources was trading 0.9 per cent higher at $6.65. Spanish authorities approved the $US1.9 billion acquisition of the MATSA Mining Complex. The transaction is set to be completed on or around January 31, 2022.

Bega Cheese shares climbed 3.2 per cent to $5.50 after it was revealed Andrew Forrest had bought a 6.6 per cent stake in the company. Mr Forrest bought 20 million shares for a total consideration of $108 million.

Bank of Queensland shares dipped 0.4 per cent to $8.20. The company denied speculation it had engaged advisers to size up a possible takeover of buy now, pay later firm Humm Group.

Humm Group shares climbed 5.1 per cent to 93.5¢. Other buy now, pay later stocks weren’t as strong however. Afterpay dipped 3 per cent to $82.50 and Zip Co. declined 1.8 per cent to $4.31.

Health and real estate stocks led the declines in Thursday trading.

Imugene slid 8.1 per cent to 40¢, Healius dropped 2.7 per cent to $5.37 and Mesoblast was declined 1.8 per cent to $1.36.

Growthpoint Properties fell 1.8 per cent to $4.39, Cromwell Property Group 1.7 per cent to 88¢, BWP Trust 1.6 per cent to $4.23 and Charter Hall Retail REIT 1.6 per cent to $4.34.

Alumina shares fell 0.3 per cent to $1.90. US-listed Alcoa is set to halt primary aluminium production at its plant in Spain for two years, the latest casualty of soaring energy prices in Europe. Alumina holds a 40 per cent share in Alcoa World Alumina & Chemicals (AWAC) along with Alcoa.