SYDNEY, May 4 (UPI) -- The Australian share market, led by solid gains in mining stocks, ended the week on fresh highs.
Rio Tinto led the charge, adding nearly 5 percent to close at $71.13 while the world's biggest miner, BHP Billiton picked up 58 cents to $25.07. Other mining stocks were also up between 5 and 6 percent.
The key market indicator, the All Ordinaries Index added 59 points to close at 6,296 and the ASX 200 also gained 59 points to end at 6,304.
The Reserve Bank of Australia helped the market along by lowering its inflation forecast but latest official figures showed Australia recorded its 60th consecutive trade deficit in March.
The Australian Bureau of Statistics said the trade deficit increased by $732.5 million because of a 4 percent drop in exports.
Gold fetched $680 an ounce Friday and a barrel of West Texas crude oil was $63.
The Australian dollar ended slightly down at 81.9 U.S. cents.
