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Australian Market Modestly Higher

( - The Australian stock market is modestly higher on Thursday, tracking the positive cues overnight from Wall Street after the Federal Reserve kept interest rates unchanged.

In late-morning trades, the benchmark S&P/ASX 200 Index is adding 16.10 points or 0.28 percent to 5,792.70, off a high of 5,796.70 earlier. The broader All Ordinaries Index is up 15.90 points or 0.27 percent to 5,839.20.

In the mining space, BHP Billion is advancing more than 1 percent and Rio Tinto is up 0.4 percent after iron ore prices rose above $70 a tonne.

In the banking sector, Commonwealth Bank, National Australia Bank, ANZ Banking and Westpac are higher in a range of 0.1 percent to 0.3 percent.

Macquarie Group said it expects profit for fiscal year 2018 to be broadly in line with its record A$2.2 billion profit for 2017. The bank's shares are...