Aust stocks close higher

Local market lifts almost 1% as traders focus on growth, not tapering.

The Australian stock market closed almost 1% higher today on encouraging global economic data and stronger resource prices.

At 1615 AEST official market close, the benchmark S&P/ASX200 index rose 0.94% to 5,123.4 points, while the broader All Ordinaries index lifted 0.96% to 5,115.2 points.

CMC Markets analyst Tim Waterer said promising economic data from China and Europe has given financial markets reason for optimism.

"This has allowed traders to focus on growth rather than tapering for the moment at least," Mr Waterer said.

Resource prices have reacted well to the upbeat news, translating into strong performances from miners on the local market, he said.

"The solid gains were not limited to resource stocks."

IG analyst Stan Shamu said this week's lacklustre results failed to inspire investors.

"The biggest theme to fiscal 2013 reporting season is consolidation," Mr Shamu said.

"New companies across every sector have stated very clearly that the sales environment has been 'challenging'."

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