Australia shares surges to six year high

Australian stock market advanced to highest level in six years on Wednesday, 23 July 2014, on the back of positive cues from offshore bourses, with shares in lenders and miners leading the gain. But gain on the upside capped after domestic second-quarter consumer price data showing core inflation rose 2.8% from a year earlier, near the upper end of the Reserve Bank of Australia's 2%-3% target.

The benchmark S&P/ASX 200 Index advanced 33.40 points, or 0.6% to 5576.70, a highest closing level since June 2008, while the broader All Ordinaries Index added 33 points, or 0.6%, to 5567.

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