All Ordinaries, ASX200 hit five-year high The reduced risk of a US-led military strike on Syria, and the release of the new iPhone 5S and 5C have contributed to stocks hitting a five year high. THE Australian sharemarket has hit a five-year high, with investors inspired by China's economic growth. At the close, the benchmark S&P/ASX200 index was up 33.2 points, or 0.64 per cent, at 5234.4. The broader All Ordinaries index was up 31.7 points, or 0.61 per cent, at 5230.6. Positive economic data out of China, strong Australian consumer sentiment and the likelihood of a non-violent outcome in Syria all contributed to today's rally on the local market. That took the All Ordinaries and ASX200 indices to their highest closing levels since June 2008. IG Markets analyst Chris Weston said investors were prepared to overlook global economic concerns to focus on growth prospects. "The Chinese market is the inspiration behind our market's gains," Mr Weston said. Global equities are in a bit of a sweet spot at the moment. Mr Weston said Chinese growth was pushing higher than many people had anticipated. That trend looks set to continue as policymakers seek to attract foreign capital, and stem flows out of China. The local market came out of the blocks early after an overnight rally on international markets as the Obama administration appeared to pursue a diplomatic solution to the Syrian conflict. Local gains were led by the materials sector, with particular strength in iron ore stocks thanks to a renewed interest in China. BHP Billiton rose 43c to $36.33, Rio Tinto rose $1.27 to $64.15 and Fortescue Metals Group rose 29c to $4.80. Among the major banks, National Australia Bank rose 41c to $33.85, ANZ rose 23c to $30.40, Commonwealth Bank rose 24c to $74.14 and Westpac rose 7c to $32.48. Macquarie Group rose $1.59 to $48.55. The September share price index futures contract was 25 points higher at 5231, with 21,475 contracts traded. National turnover was 2.07 billion securities worth $5.2 billion.