Aust stocks close higher

Local market rebounds in afternoon trading to close firmly in the black.

The Australian stock market recovered in the afternoon to close 0.7% higher, with gains in banking and defensive stocks offsetting weakness in the materials space.

At the 1615 AEDT official market close, the benchmark index S&P/ASX200 index increased 0.69% to 5,331.5 points, while the broader All Ordinaries index rose 0.65% to 5342 points.

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