While the S&P/ASX 200 index opened flat, love was definitely in the air and investor sentiment soon started to pick up.

After closing above 5000 points yesterday, the market gained further ground, reaching an intraday high of 5054.4 points.

Gains in the consumer and financial space, as well as a 2.1% increase in the basic materials sector, helped offset losses in other key areas.

At the closing bell, the index added 0.7%, or 33.2 points, to 5036.9 points.

While metals were mixed overnight, this did not stop the miners from enjoying a good run on the bourse.

Alumina was a standout, closing 7.5% higher to $A1.29, after China’s CITIC Resources Holdings took a 15% stake in the company.

Iluka Resources was up 6%, or 60c, to $10.53, while Arrium continued its recent share price run, firming 6.2% to $1.19.

With the spot price of iron ore steady at just over $US150 per tonne, the iron ore companies were all in positive territory.

Fortescue Metals Group jumped above $5 earlier this week, and the company found a further 4.3% to close at $5.39.

Atlas Iron bumped up 7.8% to $1.87, while Mount Gibson Iron advanced 2.9% to 90c.

Grange Resources dipped 1.7% to 29.5c.

BHP Billiton tacked on 2.6% to $38.89, while gold major Newcrest Mining lost 0.2% to $23.36.

Meanwhile, Rio Tinto closed up 2.3% to $72.07 ahead of the release of its profit results.

Shares in contractor Downer EDI jumped 7.8% to $5.24 on the back of reporting a profit above $90 million.

Rox Resources requested a trading halt pending an upcoming release on a material drilling result, while Celamin Holdings was placed into a halt due to a capital raising.