Australian stocks, dollar soar

SYDNEY, Oct. 26 (UPI) -- The Australian dollar soared to a 23-year high against the U.S. greenback Friday and share prices rose on the strength of base metal prices.

The Australian dollar was buying 91.13 U.S. cents, 44 British pence, 104 Japanese yen and 63 euro cents.

Both market indicators climbed more than 1 percent -- the All Ordinaries Index closing 71 points higher at 6,700 and the ASX 200 up 76 points at 6,716.

In the mining sector, Rio Tinto went up 2.5 percent to $97.73 and BHP Billiton rose 2 percent to $41.79.

Oil prices entered record territory fetching $90.98 a barrel and pushed Woodside petroleum shares up 2.4 percent.

Australia's national airline, Qantas, gained 5 points to close at $5.48 after announcing a review of its fuel surcharge on ticket prices.

Gold prices also soared to a 28-year high, hitting $776 and helping the biggest producer, Newcrest, gain a whopping 7.3 percent to close at $28.53.