PERTH: The Australian stocks has closed substantially higher after cautious trade as investors weighed up the latest comments from the Reserve Bank of Australia, while an iron ore rally supported mining stocks.
At the 4.15pm (AEST) official market close, the benchmark S&P/ASX200 index had added 39.2 points, or 0.67 per cent, to 5872.3, while the broader All Ordinaries index was up 37.2 points, or 0.64 per cent, at 5844.
In local economic news today, the Reserve Bank of Australia released its April board meeting minutes, which showed the central bank was holding open the door for further rate cuts.
Overnight, RBA governor Glenn Stevens played down ballooning Sydney property prices and talked down the Australian dollar, which he still said had quite a way to fall.
The local currency dropped nearly US1c after Mr Steven’s comments to Goldman Sachs in New York, and hovered around the low US77c level during today’s trade.
