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Aussie share market closes higher

Xinhua, May 17, 2016 Adjust font size:

The Australian share market closed higher on Tuesday.

At 4:15 p.m. (AEST), the benchmark S&P/ASX200 index was up 37 points, or 0.69 percent, at 5,395.9 points, while the All Ordinaries index was up 38.2 points, or 0.7 percent, at 5,458.5 points.

IG market analyst Angus Nicholson told Xinhua on Tuesday it was the Australian share market's strongest close by far this year.

"The most interesting thing is we've had a major rally in the spot oil price in the Asian session today," Nicholson said.

"That has often been very correlated with equities moves and certainly seemed to have today."

He noted the energy sector saw a massive gain of 3 percent.

At the close, ANZ gained 0.86 percent, the Commonwealth Bank of Australia was up 0.94 percent, the National Australia Bank rose 0.57 percent, and Westpac was up 0.57 percent.

BHP Billiton gained 3.50 percent, rival Rio Tinto was up 1.37 percent while gold miner Newcrest closed the day 0.90 percent higher.

Oil Search was up 3.33 percent, Santos was up 5.93 percent and Woodside Petroleum closed the day 2.99 percent higher.

Wesfarmers gained 0.96 percent while Woolworths was up 1.47 percent.

Qantas lost 0.44 percent while Telstra closed the day 0.88 percent higher. Endit