Share market closes at highest point this year despite banks losses

The Australian share market reached its highest point for the year during today's trading.

The All Ordinaries Index closed 30 points higher at 5,434, while the benchmark ASX-200 lifted 29 points to 5,372.

This morning the All Ords was trading above 5,480, levels not seen since August last year, following higher oil prices and improvements on US share markets overnight.

The rally was broad-based — resources stocks gained, with BHP lifting 72 cents to $18.55.

Newcrest put on 68 cents to $20.53 and Rio Tinto gained 61 cents to just over $46.

The Commonwealth bank lost 1 cent to $77.99, ANZ lost 27 cents to $24.43 and NAB also lost 4 cents to $28.88, while Westpac gained 1 cent to $31.31.

The building products firm, CSR, has posted a bumper annual profit, up 13 per cent to $142 million.

Shares gained 19 cents to $3.65.

About 5:00pm AEST the Australian dollar was buying 73.5 US cents.

Gold was higher at $US1,272 an ounce while iron ore was lower at $US54.20 a tonne.

West Texas crude oil was also higher at $US43.63 a barrel.

Source: ABC News

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