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SYDNEY - Australian stocks burst back into record territory yesterday, re-energised by strong gains among the miners and banking stocks, and buoyed by Wall Street.
The benchmark S&P/ASX200 index hit a record, up 50.4 points to 6236.9, while the all ordinaries also posted a new benchmark, up 46.1 points to 6215.
On the Sydney Futures Exchange, the June share price index contract closed 48 points higher at 6284 on a volume of 16,382 contracts.
ABN Amro Morgans Ipswich manager Tony Russell said the impetus for the recovery came from Wall Street, which ended at a near-record high, and more positive US economic data.
"The volatility will still remain, certainly our market in the short term is becoming fully valued, so we might see some consolidation in the market." Mining giant BHP Billiton added A34c cents to A$30.40 and Rio Tinto A$1.09 at A$84.50.
Commonwealth Bank said it was on track to deliver strong annual earnings growth and its shares jumped A65c cents to A$53.30.
Shares in explosives, paint and chemicals firm Orica and its rival explosives manufacturer, Dyno Nobel zoomed in early trading after industry rival Orica rejected a takeover offer worth almost A$10 million by a private equity consortium.
Orica rose A$5.61 to close at A$33.50. Dyno Nobel shares closed A17c higher at A$2.48.
Energy stocks finished higher, despite weaker crude prices.
- AAP