Shares end on a high

THE Australian share market has climbed to its highest closing level since July 2011 as investors took heart from stronger US markets and fresh hopes that debt-ridden Spain will ask for some sort of financial aid.

Yesterday, the benchmark S& P/ ASX200 index rose 36.7 points, or 0.82 per cent, to 4528.2 points, while the broader All Ordinaries index lifted 37.0 points, or 0.82 per cent, to 4550.9 points.

On the ASX 24, the December share price index futures contract was 43 points higher at 4535 points, with 33,947 contracts traded.

CMC Markets chief markets analyst Ric Spooner said local investors were encouraged by stronger markets in the United States on Tuesday, which were boosted by good company earnings reports.

On the Australian market yes- terday in the resources sector, global miner BHP Billiton was 38c higher at $ 33.45 as chief executive Marius Kloppers predicted growth in the global iron ore market would slow to 650 million tonnes this decade, down from 800 million tonnes in the last decade.

Rio Tinto was 93c higher at $56.05.

National Australia Bank was 17c higher at $26.79, ANZ up 17c to $25.96, Commonwealth Bank eased 10c to $56.99, and Westpac put on 17c to $25.89.

Broadcaster Ten Network Holdings was 2.5c, or 7.46 per cent, lower at 31c as its deal to sell its outdoor advertising business to private equity firm Champ collapsed.

Property developer Stockland dropped 13c, or 3.66 per cent, to $3.42 as it said earnings would fall by at least 10 per cent in the 2012-13 financial year.