Australian share prices closed up 1.5 percent at record levels Tuesday as mining stocks pushed the market higher, dealers said. They said leading resources stocks, including BHP Billiton and Rio Tinto, were taking the market to all-time highs but investors needed to be wary the rally did not end in a short-term correction.
The benchmark S&P/ASX 200 index gained 96.2 points to a record 6,659.9 while the broader All Ordinaries added 87.8 points to a new high of 6,667.6. Turnover was 1.96 billion shares worth 6.9 billion dollars (6.1 billion US). BHP Billiton ended up 1.55 dollars or 3.5 percent at a record close of 46.05 dollars, while Rio Tinto rose 3.66 dollars or 3.4 percent at an all-time high of 112.50 dollars.
Major banks were stronger, with National Australia Bank ending up 63 cents or 1.6 percent at 40.43 dollars and Commonwealth Bank adding 1.00 dollar or 1.8 percent to 57.60. ANZ rose 59 cents or 2.0 percent to 30.20 dollars and Westpac gained 53 cents or 1.9 percent to 29.01 dollars.