Australian shares at over 10-1/2 year high

Australian shares closed at a more than 10-1/2 year high on Wednesday, led by gains in biotherapeutics firm CSL and conglomerate Wesfarmers after both groups posted strong earnings. The S&P/ASX 200 index firmed 0.5 percent or 29.4 points to 6,329 at the close of trade. The benchmark rose 0.8 percent on Tuesday. CSL Ltd, the country's fifth largest firm by market value, posted a near 30 percent rise in annual net profit on Wednesday.
Meanwhile, Wesfarmers Ltd posted record earnings in its core divisions, sending its shares 3.2 percent higher to a record. Elsewhere, top lender Commonwealth Bank of Australia and Insurance Australia Group Ltd slumped, capping gains in the benchmark. Global miner BHP slipped 0.4 percent, while its spin-off South32 Ltd tumbled 3.7 percent. Across the Tasman sea, New Zealand's benchmark S&P/NZX 50 index rose 0.2 percent or 15.55 points to finish the session at 8,987.49.