Aust stocks close higher
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The Australian stock market closed stronger today but failed to reach a five-year high after buying in materials
At the 1615 AEDT official market close, the benchmark S&P/ASX200 index was 0.49% higher at 5,438.7 points, while the broader All Ordinaries index increased 0.52% to 5,449.4 points.
The benchmark index reached an intra-day high of 5,452.4 points, but would have needed to eclipse the October 28 close of 5,457.3 points in order to hit a five-year high.
CMC Markets chief analyst Ric Spooner noted BHP Billiton's lift over $39, which boosted the market.
Gains in BHP and Rio Tinto were a delayed reaction to their upbeat earnings, Mr Spooner said.
"It often takes quite a long time for investors to adjust portfolios," he said.
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