30.04.201302:51:31UTC+00Australian stocks reach year-high, as banks surge

Australia's stock market climbed to its best level in a year Tuesday morning, as the heavily weighted banking sector rallied on the back of strong earnings, offsetting a mixed picture for mining shares. The S&P/ASX 200 increased 0.8% to 5,167.10, a fresh 52-week high, with shares of Australia & New Zealand Banking Group soaring 4.7% after displaying a 10% gain in cash earnings that move above expectations. Other financials tracked the gains, with National Australia Bank Ltd. surging 2.2%, Westpac Banking Corp. traded 2% higher, Commonwealth Bank of Australia jumping 1.3%, and Macquarie Group Ltd. boosting 1.7%. Mining stocks mostly underperformed the benchmark index, even after overnight gains for base metals. Shares of BHP Billiton Ltd. moved 0.3% better, and those of Rio Tinto Ltd. records a progress of 0.7%, while Alumina Ltd. gave up 1%, and Newcrest Mining Ltd. traded flat despite a 1% increase for gold futures in New York. Fortescue Metals Group Ltd. was the stand-out among the senior miners, improving 1.1%.