Australian stocks rose 1.2 percent on Wednesday, powered by a rebound in the resources sector from last week's pummelling, while Australia's new budget bill, unveiled late on Tuesday, had little impact. Top miners BHP Billiton and Rio Tinto gained 1.7 percent and 2.3 percent respectively, after inflation and industrial output data suggested that moves to tame China's hot growth were having an impact, while growth remained strong.
The data helped restore confidence in the mining sector, with metals prices rebounding from a rout last week. Boral closed up 5.6 percent, while David Jones finished 2.5 percent higher. David Jones' bigger rival Myer rose 0.3 percent after sticking to its profit forecast and saying it is seeing hints of a pick-up in consumer spending.
The benchmark S&P/ASX 200 index climbed 54.4 points to finish at 4,780.2, according to the latest data, more than recouping Tuesday's losses. New Zealand's benchmark NZX 50 index rose 0.9 percent to 3,558.9.
Commonwealth Bank of Australia rose 0.6 percent after posting a 13 percent rise in third-quarter cash profit in line with broker forecasts.Top lender National Australia Bank fell 1.2 percent to close at A$27.30 on nearly four times its average volume, after sales of 6.9 million shares at A$27 and 6.3 million shares at A$27.30.
Comments
Comments are closed for this article.