Aust stocks close higher

The market closed higher as business confidence improved

The Australian stock market closed slightly higher after a private survey showed a jump in business confidence.

At 1615 AEST, the benchmark S&P/ASX200 index rose 0.38 per cent to 5,201.2, while the broader All Ordinaries index lifted 0.38 per cent to 5,198.9.

The NAB survey released this morning showed business confidence reached its highest level in more than two years in August in anticipation of a coalition election win.

IG analyst Stan Shamu said the survey "reinforced the idea that the local economy has turned a corner in the short term".

He said the market was just holding its head above the 5200 level in afternoon trade, and a close above this point was positive.

"[This] could lead to a move up to the year’s highs in the 5250 region in the near term," Mr Shamu said.

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