Australian share market closes higher

The Australian share market closed at its highest level in more than four years on Wednesday as bank stocks soared on a better than expected profit from Commonwealth Bank. The benchmark S&P/ASX200 index was 44.7 points, or 0.9 percent, higher at 5,003.7 while the broader All Ordinaries index was up 43 points, or 0.86 percent, at 5,024.5. Market turnover was 1.79 billion shares worth 5.12 billion AU dollars (5.29 billion U.S. dollars) with 553 stocks up, 448 down and 357 unchanged. In the banking sector, Commonwealth Bank was up 1.59 dollars or 2.4 percent, at 67.11 dollars, Westpac rose 58 cents, or 2.1 percent, to 28.33 dollars, ANZ Bank added 25 cents to 27.81 and National Australia Bank was 36 cents higher at 29.29 dollars. In the resources sector, BHP Billiton was up 33 cents at 37.92 dollars while Rio Tinto gained 1.43 dollars, or 2.1 percent, to 70. 46 dollars.