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MELBOURNE - Australian stocks continued their upward procession, propelled by a positive resources sector and sterling performance in the US.
At the close, the S&P/ASX200 index was up 49.6 points at 6343.4, while the All Ordinaries added 48.2 points to 6365.3.
Macquarie private client adviser Helen Spencer said the US market was supported by confirmation that inflation ws being kept in check, with a rally that spread to Australian shores.
"It is a bit of a tandem of both the industrials and the resource sectors, with the banks also joining in on that recovery," she said.
Higher commodity prices also helped the miners post gains today, with Rio Tinto hitting the A$100 mark for the first time.
"There were a few other contenders in the race, but Rio has certainly been the first to take that," Spencer said.
"Very much the star performer today is the resource sector," Ms Spencer said.
Rio Tinto ended up A$2.59, or 2.66 per cent, at A$99.99 after bursting through A$100 to hit a high of A$100.09, while larger rival BHP Billiton improved A68c to A$34.68.
Among energy plays, Woodside Petroleum also made solid gains, A95c richer at A$45.95, and Santos added A7c to A$13.97.
Iron ore hopeful Fortescue firmed A$1.25 to A$36.20 after announcing it would expand production from its emerging iron ore mine in Western Australia to 200 million tonnes a year.
The price of gold in Sydney was up US$7.45 at US$658.7 a fine ounce.
Gold miners were feeling the benefits, with Newcrest up A32c at A$23.71 and Newmont a cent higher at A$4.77.
Banks were also helping the bourse, with the Commonwealth Bank climbing A80c to A$55.30, NAB found A46c at A$41.03, ANZ put on A28c to A$29.27 and Westpac improved A17c to A$25.70.
In the media sector, commercial television broadcaster Ten Network went into a trading halt pending an announcement by the company, after speculation about its ownership prompted a surge in trading.
It last traded at A$2.97 down A13c on the day.
Wesfarmers, which is leading a consortium pressing to take over retailer Coles, lifted A$1.11 to A$43.50, after denying it had failed to make full disclosures of its bid plans to the market, in response to an inquiry from the ASX.
Coles swelled A8c to A$16.78, while larger rival Woolworths increased A28c to A$27.79 and David Jones was A12c richer at A$5.32.
- AAP
