Australia Stocks close at 16-month high

Australian share market finished session at 16 months peak on Tuesday, 20 December 2016, aided by the central bank optimistic view despite a run of soft data. Most sectors advanced, with banking and consumer stocks taking the spotlight. Minutes from the Reserve Bank of Australia's board meeting released on Tuesday indicated the central bank is cautious optimism for the country's economic prospects, although it also showed some concerns over low wage growth. At the closing bell, the benchmark S&P/ASX 200 index inclined 29 points, or 0.52%, to 5591.10, while the broader All Ordinaries index added 27.20 points, or 0.48%, to close at 5640.

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