Australian shares closed at their highest in more than 16 months in thin trade on Wednesday, led by materials and financial stocks as investor sentiment was boosted by Wall Street's record run overnight. The NASDAQ Composite rose to record highs while the Dow Jones industrial average flirted with the 20,000 point mark. The rally was fuelled by financials.
The S&P/ASX 200 index rose 0.4 percent, or 22.43 points, to 5,613.5, its highest closing level since August 5, 2015. Financial stocks followed suit to close at their highest in over 16 months, in step with the gains of their US counterparts. National Australia Bank Ltd and Australia and New Zealand Banking Group Ltd led the pack, both closing at multi-month highs.
Miners jumped 1.4 percent, aided by recovering copper and gold prices. BHP Billiton Ltd lifted the main index most, gaining over 1 percent, while Rio Tinto Ltd added 1.5 percent. New Zealand's benchmark S&P/NZX 50 index ended 0.19 percent higher at 6,802.76. There were gains in consumer and materials stocks, but utilities, real estate and health care ended down.
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