The Australian share market closed higher, boosted by mining stocks after the release of a bumper trade report in China.
IG Markets analyst Stan Shamu said the local bourse narrowly missed posting a fresh four-year high, despite a late rally on the back of a surge in China’s exports.
“The morning was fairly flat ahead of China data which eventually came out and smashed expectations,” Mr Shamu said.
“It certainly seems like things are ticking along in China. The big miners were really firing.”
China’s exports surged more than 20 percent in February, data showed Friday, in another sign of recovery for the world’s second-largest economy.
Iron-ore focused miners Rio Tinto and Fortescue Metals Group both recorded gains, with Rio lifting $1.13 to $64.36 and Fortescue up two cents higher to $4.42.
Global miner BHP Billiton was 27 cents higher at $36.09 while mining services company Boart Longyear rose five cents to $1.47.
Among the major banks, Commonwealth rose 15 cents to $69.83, National Australia Bank rose four cents to $31.10, ANZ added 11 cents to $29.12, and Westpac dipped four cents to $31.25.
Leighton Holdings was seven cents higher at $22.04 after its contract and project development subsidiary snared a $120 million deal to work on a major rail extension in Sydney.
Woodside Petroleum shares were five cents higher at $37.14 after the company played down suggestions that its gas project in Israel is under threat as it faces regulatory hurdles.
Virgin Australia hovered at 40.5 cents after the competition watchdog delayed its decision on the airline’s proposed takeover of Tiger Airways Australia.
KEY FACTS
* The benchmark S&P/ASX200 index closed 14.2 points, or 0.28 per cent, higher at 5,123.4 points.
* The All Ordinaries index was up 14.4 points, or 0.28 per cent, at 5,137.5.
* The March share price index futures contract was 11 points higher at 5,122, with 20,941 contracts traded.
* National turnover was 1.8 billion securities worth $3.8 billion, with 555 stocks up, 430 down and 389 unchanged.
