Australian stocks climb again

The Australian Securities Exchange. Saeed Khan/AFP/Getty Images

Australian stocks fell in early trade but recovered most of the losses to edge higher.

The local market initially followed Wall Street where the S&P 500 fell 0.5% overnight.

The ASX200 opened with a 0.6% dip but at the close was at 5,890.70, up 13.90 points or 0.24%.

BHP dropped 1.3% to $29.45 and Rio Tinto, which announced its biggest shareholder payout, was down 1% to $77.46.

NAB, which announced a strong quarterly update, was up 2.3% to $28.91.

Financial services giant AMP was up 3.3% to $5.20 after posting a full year profit of $848 million.

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