The Australian sharemarket closed higher after BHP Billiton's production report exceeded expectations and weak inflation figures drove up high-yielding stocks.
At the close today, the benchmark S&P/ASX 200 index was up 8.7 points, or 0.18 per cent at 4787.8, while the broader All Ordinaries index gained 9.2 points, or 0.19 per cent, at 4812.1.
On the ASX 24, the March share price index futures contract was 11 points higher at 4753, with 24,652 contracts traded.
IG Markets strategist Evan Lucas said the main driver of the market today was BHP Billiton's production report, which beat expectations with iron ore production of 42.19 million tonnes for the three months to December 31, up 3 per cent on the previous corresponding period.
BHP shares surged 1.31 per cent, or 48c, to $37.06.
"Obviously all eyes were on BHP and all the news in it was there was no bad news," Mr Lucas said.
