Miners, banks trade higher

The Australian stock market ended the day yesterday on a high, as resource and financial stocks both rallied.

The benchmark S&P/ASX200 index gained 20.6 points, or 0.43 per cent, to 4799 points, while the All Ordinaries index added 18.6 points, or 0.38 per cent, to 4888.2 points. On the ASX 24, the March share price index futures contract was 44 points higher at 4813 points, with 17,461 contracts traded.

IG Markets strategist Ben Potter said the market made broad-based gains after hitting a fresh six-week high in early morning trade.

The major miners performed well, Rio Tinto added 42c to A$87.20 and BHP Billiton climbed 65c to A$46.47.

Commonwealth Bank was up 38c at A$51.25, Westpac added 16c to A$22.77, National Australia Bank gained 15c to A$24.20 and ANZ added 8c to A$23.71.

- AAP