Australian stocks close at 11-week high
THE Australian sharemarket has closed at an 11-week high after a turnaround in resources stocks led by market heavyweight BHP Billiton.
At the close today, the benchmark S&P/ASX200 index was up 23.5 points, or 0.55 per cent, at 4,269.2, while the broader All Ordinaries index was up 22.5 points, or 0.53 per cent, at 4,289.4.
On the ASX 24, the September share price index futures contract was up 20 points at 4,228, with 32,756 contracts traded.
City Index chief market analyst Peter Esho said the gains were led by a turnaround in resource stocks and a positive day for the major banks.
"I think if BHP continues to claw back some of its lost ground then I think it will be positive for some of the broader market," he said.
"We've also seen stability for the banks which has provided support for our market."
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