Australian Stock Market Report – Afternoon 2/13/2013
The local market managed to hold fast to its gains recorded at lunch, with the All Ordinaries Index (XAO) rising by 0.9 per cent or 43 pts to 5024.5. The XAO along with the ASX 200 index (XJO) both closed above the 5000.0 point mark; something which hasn't happened in years. In fact, today was the highest close for the XJO since September 2008.
Almost all sectors finished higher, with the mining, industrial and financial industries the standouts. Improvements in these sectors lifted the rest of the market higher today. The miners in addition to the financial sector account for over 60 per cent of all Australian shares. Rio Tinto ( RIO ), the iron ore focused miner is up 2.07 per cent or $1.43 to $70.46, Fortescue Metals (FMG) is 3.61 per cent or 18 cents higher to $5.17 while the larger BHP Billiton ( BHP ) ended 0.88 per cent or 33 cents higher to $37.92.
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