Aust stocks close higher

Local market gains ground as investors digest barrage of earnings reports.

The Australian stock market has closed more than 1% higher, lifting above the 5,300 level as investors digest a barrage of earnings reports.

At the 1615 AEDT official market close, the benchmark S&P/ASX200 index added 1.06% to 5,310.1 points, while the broader All Ordinaries index rose 1% to 5,319.8 points.

IG chief market strategist Chris Weston said gains in materials and banks boosted the market today after the Commonwealth Bank of Australia delivered a strong lift in profit.

"With fair levels of earnings growth, improving bad debts, a strong yield and good short-term trend, this is a name that will be bought on dips, especially with traders likely to buy before it goes ex-dividend on February 17."

Data also showed China's trade surplus surged in January, with both imports and exports lifting more than expected.

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