The benchmark S&P/ASX200 index closed up 21.5 points, or 0.3 per cent, at 7,077.6 on Wednesday, while all ordinaries added 21.3 points, or 0.29 per cent, to 7,265.7.
The ASX200 was slightly lower in the afternoon as the US 10-year Treasury yield hit its highest level since 2007, but climbed into the green in the afternoon after China reported its economy grew faster than expected in the third quarter.
Gross domestic product grew 4.9 percent in the September quarter from a year earlier, data from China’s National Bureau of Statistics showed, compared with expectations for a 4.4 percent increase.
„We’re seeing a financial boost from China at the moment,” AidCap market analyst Zoran Kresovic told AAP.
„They’re cutting taxes and doing everything they can to stimulate the economy, and they’re considering raising the budget deficit by 2023 and eliminating tariffs on trade.”
Beyond that, the ASX200 is bouncing off its lows and approaching the 7,100 resistance level, Mr Kresovic said.
„It’s pretty normal to be honest because September is usually the worst month when it comes to performance,” he said.
„From mid-October, we usually look at the upside, going to the Santa rally in November and then December.”
The energy sector rose 2.5 percent on Wednesday, with Brent crude hitting a two-week high of $91.55 a barrel, as horrific scenes at a hospital in Gaza dampened hopes for a diplomatic solution to the conflict.
Woodside rose 2.2 percent to $36.88, as Independent Energy reaffirmed full-year guidance, while Whitehaven jumped 11.5 percent to a six-month high of $7.57. In Queensland.
Whitehaven chief executive Paul Flynn said it was „a compelling transaction for Whitehaven that accelerates our strategy, transforms our company and delivers significant value to our shareholders”.
Credit Corp, on the other hand, was the biggest loser on the ASX200 on Wednesday, falling 30.5 per cent to a three-year low of $11.97 after the consumer lender expected to announce a $45 million cut in value. Its US debt ledgers.
„The impairment arose due to a prolonged decline in collection levels,” Credit Corp said. It now forecasts a full-year statutory net profit of about $40 million, down from a forecast of about $95 million in August.
Three of the big four banks finished in the green, with NAB up 0.6 per cent to $29.55 and ANZ and CBA both up 0.2 per cent to $25.82 and $101.42 respectively.
Westpac was down 0.1 percent at $21.45.
In the heavyweight mining sector, BHP rose 0.7 percent to $45.88, while Fortescue added 0.4 percent to $21.91 and Rio Tinto rose 0.3 percent to $117.41 as Big Australian reaffirmed its full-year production guidance.
Newcrest fell 0.1 percent to $25.13 as it traded ex-dividend and its acquisition by Newmont Corp became legally effective and regulatory.
Among small caps, Chilean lithium explorer Lithium Power International rose 27.7 percent to 53c after it agreed to be bought by Chilean state-owned copper miner Codelco for $385 million, or 57c a share.
The Australian dollar was trading at 63.87 US cents, up from 63.49 US cents at Tuesday’s ASX close.
On the ASX:
* The S&P/ASX200 index closed up 21.5 points, or 0.3 per cent, at 7,077.6 on Wednesday.
* All ordinaries rose 21.3 points or 0.29 percent to 7,265.7.
Currency Snapshot:
One Australian dollar buys:
* 63.87 US cents, up from 63.49 US cents at Tuesday’s ASX close.
* 95.63 Japanese Yen, from 94.97 Yen
* 60.33 euro cents, from 60.21 euro cents
* 52.35 British pence, from 52.07 pence
* 107.99 NZ cents, from 107.63 NZ cents
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