Aust stocks close higher

Local market lifts on surge in major banks ahead of full-year results releases.

The Australian stock market lifted today as investors pushed the major banks higher ahead of full-year results releases next week.

At the 1615 AEDT official market close, the benchmark S&P/ASX200 index rose 0.31% to 5,372.9 points, while broader All Ordinaries index added 0.32% to 5,373.7 points.

IG analyst Stan Shamu said financials stood out as the local market enjoyed a steady recovery today after yesterday's sharp drop as investors took profits following a fresh five-year intra-day high above the key 5,400 level.

Commonwealth Bank of Australia (CBA) hit a record high during the day, while traders positioned for next week's full-year results from National Australia Bank (NAB) and Australia and New Zealand Banking Group (ANZ)

"Commonwealth Bank just continues to defy gravity and led the big banks higher today," Mr Shamu said.

"All four banks are firing on all cylinders heading into their reports."

Investors also cheered a stronger than expected Chinese data release, showing activity in the country's manufacturing sector hit a seven-month high in October.

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