Oz shares close higher, led by Westpac

Share prices closed higher in Australia following strong rises by BHP Billiton and Westpac after their results and gains by News Corp and the broader bank sector.

However, Southcorp and MIM fell heavily after negative trading updates, dealers said.

The S&P/ASX 200 closed up 36.7 points or 1.22% at 3,042.9, while the All Ordinaries index was up 35.0 points at 2,995.0.