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SYDNEY (Bloomberg) <\m> Australia's S&P/ASX 200 Index rose to a record high, led by BHP Billiton and Rio Tinto Group, as prices of copper and nickel climbed.CSL and Aristocrat Leisure led gains among companies with US earnings after consumer confidence in the world's biggest economy unexpectedly gained this month.
"You've got two strong headwinds driving shares," said Paul Xiradis, who manages about $8.3 billion in Australian stocks at Ausbil Dexia in Sydney. "The resources shares are amongst the cheapest in the market and they'll pull up the index on the strength of metals prices. And any good news in the US is going to be of extra assistance here."
The S&P/ASX 200 Index climbed 56.50, or 0.9 percent, to 6369.0 at the close in Sydney. About five times more stocks rose than fell.
BHP, the world's biggest mining company by market value and production, climbed 47 cents, or 1.5 percent, to A$31.18. Rio Tinto, the second-largest by market value and third by production, added A$1.38, or 1.5 percent, to A$92.29.
