Aust stocks close 1% higher

Local market holds onto morning gains to finish above the 5100 mark as banks rally.

The local market closed one per cent higher today, holding early gains as financials recovered from yesterday's drop caused by reports of the banking levy.

At 1615 AEST official market close, the S&P/ASX 200 benchmark index rose 1.09% to 5,116.8 points, while the broader All Ordinaries index lifted 1.02% to 5,098.7 points.

IG markets analyst Stan Shamu said banks were recuperating.

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