Australia shares extend gain for seventh day

Australian stock market closed higher on Thursday, 24 July 2014, registering gain for seventh session in row, on the back of better than expected Flash Chinese manufacturing data for July and US company earnings. But gain on the upside was modest as investors generally believed stocks are close to fully valued and are also waiting on the local company financial reporting season, which gets underway in August. The benchmark S&P/ASX 200 Index advanced 11.10 points, or 0.2% to 5587.80, a highest closing level since June 2008, while the broader All Ordinaries Index added 9.80 points, or 0.18%, to 5576.80. Most of the ASX sectors climbed up, with shares in technology, consumer discretionary, consumer staple, healthcare, financial and energy companies being the biggest gainers. Shares of mining companies declined amid lower iron ore prices in China.

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