SYDNEY, AAP – Heavyweight stocks have thrived and the miners overcame sagging iron ore prices in a broad-based rally on the Australian market.

BHP, Fortescue and Rio Tinto rose by more than one per cent despite continuing falls in their prized steel-making commodity.

The Commonwealth Bank set a record price of $99.65. Shares closed higher by 0.88 per cent to $99.63.

The benchmark S&P/ASX200 index closed up by 69.3 points, or 0.98 per cent, to 7115.2.

The All Ordinaries closed higher by 73.1 points, or one per cent, to 7349.1.

The Australian dollar was buying 77.68 US cents at 1623 AEST, higher from 77.40 US cents at Monday’s close.