SYDNEY: Australian stocks closed at its highest level in nearly seven years Friday, snapping four days of losses, as a rebound in commodity prices and several strong earnings reports in the mining sector boosted investor confidence.
The S&P/ASX 200 jumped 2.3% to 5877.5, representing its largest rise in a single day this year and reaching its highest closing level since May 2008.
Heavy gains in the materials sector lifted the benchmark, following upbeat earnings reports from iron-ore mining giant Rio Tinto and scrap-metal merchant Sims Metal Management.
