Aust stocks inch higher at close

The Australian stock market closed slightly higher today on momentum from trade in Asian markets and another record Wall Street close.

The market reached a new two-month high in quiet trade, buoyed by the material sector.

At 1615 AEST official market close, the benchmark S&P/ASX200 index edged up 0.3% to 5,017.1 points and the broader All Ordinaries index inched 0.31% higher to 5,004.6 points.

IG analyst Stan Shamu said Chinese markets improved today, helping local resource stocks.

"Materials have had a pretty good run today, feeding off some of the strength we are seeing in China," Mr Shamu said.

CMC Markets analyst Betty Lam said local trade today was "relatively limp".

"The material sector is doing most of the heavy lifting for the Australian market with notable Newcrest a star performer," Ms Lam said.

"Gold is still solid today," she said.

"The precious metal's new price has been aided by a combination of triggered technical selling and a weaker American dollar."