Aust stocks close slightly lower

The Australian stockmarket has closed slightly higher today, holding just above the 5,400 level after a boost from official data showing building approvals beat forecasts in January.

At the 1615 AEDT official market close, the benchmark S&P/ASX200 index rose 0.3% to 5,400.2 points, while the broader All Ordinaries index added 0.26% to 5,411.7 points.

CMC Markets sales trader Betty Lam said traders dusted themselves off today after the market fell due to the tensions between Ukraine and Russia yesterday, while bargain-hunters took the opportunity to buy. 

The stronger than expected building approvals data, showing a lift of 6.8% in January, also boosted the market, she said.

"In afternoon trading, activity remained limp and volumes were considerably lower," Ms Lam said.

"The major miners spent a majority of the day in recovery mode, retracing most of yesterday’s footsteps."