Australia stocks Rally, with Rio Tinto soaring on buyback

The Australian share market closed sharply higher on Friday, 13 February 2015, registering first gain in five consecutive sessions, on tracking gains for both commodities and U.S. markets overnight after reports of a new cease-fire agreement between Russia and Ukraine. Also helping support the sentiment was upbeat earnings reports from iron-ore mining giant Rio Tinto and scrap-metal merchant Sims Metal Management. The S&P/ASX200 closed 133.90 points, or 2.33%, lower at 5877.50, while the All Ordinaries tracked closely behind, grew 127.80 points, or 2.24%, to 5835.50.

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