Best day’s trade for two years

The Australian sharemarket hit its highest point in almost two years yesterday following a rash of positive profit results and booming resource stocks. The All Ordinaries Index closed at 3365.2, 18 points higher and at a level not seen since March 2002. Among the resources stocks to rise yesterday on the back of strong commodity prices were WMC Resources (up 13 cents to $5.51), BHP Billiton (up 12 cents to $12.03) and Rio Tinto (up 40 cents to $36.37.