Australian stocks reach fresh 14-month high

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Australian stocks reach fresh 14-month high
from MarketWatch.com - MarketPulse
SYDNEY (MarketWatch) -- Australian stocks climbed on Wednesday to a fresh 14-month high, with the benchmark S&P/ASX 200 index rising 0.9% to 4,529.60. The advance followed a strong performance in the U.S. equity markets on Tuesday, where data and earnings continued to inspire gains, also helped by ongoing optimism over Europe's ability to deal with its debt troubles. Material and energy firms were the best performers by sector, with mining giant BHP Billiton Ltd. up 1.4% after reporting that its first-quarter iron ore output rose 1%. Rival Rio Tinto Ltd. , which reported quarterly output figures on Tuesday, advanced 2.2% while Linc Energy Ltd. climbed 3.3% in the energy sector.