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Jun 10, 2009, 8:52 GMT

Consumer confidence lifts Australian stocks

Sydney - Investors piled into the Australian stockmarket Wednesday, buoyed by the biggest monthly lift in a key consumer confidence index in 22 years. The ASX 200 rose 89 points, or 2.2 per cent, to 4,024 - its highest close since November 2008. The Westpac-Melbourne Institute index of consumer sentiment registered its second-largest monthly increase since the series began in 1974. Analysts put the rise down to the release of surprise figures showing Australia had not registered a second quarter of contraction and was not in the expected technical recession. Market leader BHP Billiton Ltd gained 3 per cent, as did resources rival Rio Tinto Ltd. Fortescue Metals Group, Australia's third-largest iron ore producer, soared 15 per cent.

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