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Australian stocks rise on back of iron ore rally

Xinhua, July 30, 2015 Adjust font size:

The Australian share market opened higher on Thursday.

A rally in mining stocks followed a surge in the iron ore price overnight when it pushed above 55 U.S. dollars per ton.

At the official market open, the benchmark S&P/ASX200 rose 42.2 points, or 0.75 percent, to 5,666.4 points, while the broader All Ordinaries added 40.7 points, or 0.73 percent, to 5,650.3 points.

Materials gained 1.51 percent. BHP Billiton was up 2.12 percent, while Rio Tinto gained 2.38 percent.

Energy stocks rallied 1.34 percent. Oil Search rose 1.64 percent, Santos gained 1.82 percent while Woodside Petroleum added 1.6 percent.

Consumer staples rose 1 percent. Woolworths lifted 1.04 percent, while Wesfarmers gained 1.08 percent.

Financials added 0.53 percent. ANZ lifted 0.34 percent, while the Commonwealth Bank rose 0.62 percent.

The National Australia Bank edged up 0.82 percent, while Westpac gained 0.49 percent.

Meanwhile Qantas rallied 1.05 percent Telstra added 0.62 percent. Endi