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Australian stocks close near seven-year high

Xinhua, February 18, 2015 Adjust font size:

The Australian share market soared to its highest point in nearly seven years at the close on Wednesday, driven up by a massive takeover offer for logistics group Toll Holdings.

At the official market close, the benchmark S & P/ASX200 index added 57.5 points or 0.98 percent to 5,915.7, while the broader All Ordinaries index rose 55.4 points or 0.95 percent to 5,877.7.

Wednesday's close brought the market to its highest point since May 2008.

Toll shares surged 47.2 percent, lifting the industrial sector 3.58 percent.

Energy stocks were a market leader, lifting 3.09 percent as a sector. Beach Energy was up 3.14 percent, Oil Search lifted 0.59 percent, Santos gained 1.47 percent while Woodside Petroleum rose 4.41 percent.

Materials rose 1.22 percent as a sector. BHP Billiton rose 1.32 percent while Rio Tinto slipped 0.19 percent.

Consumer staples added 0.69 percent as a sector. Woolworths gained 0.03 percent while Wesfarmers rallied 1.41 percent.

Financials gained 0.36 percent. ANZ lifted 0.4 percent, the Commonwealth Bank rallied 0.79 percent, National Australia Bank was up 0.53 percent while Westpac lifted 0.88 percent.

Meanwhile, Qantas added 2.28 percent and Telstra rose 0.76 percent. Endi