The Australian share market closed sharply higher after a string of strong earnings results, with Wesfarmers and AMP among the best performers.
At the close on Thursday, the benchmark S&P/ASX200 index was up 49 points, or 1.14 per cent, at 4,330.2, while the broader All Ordinaries index was up 46.5 points, or 1.08 per cent, at 4,353.5.
On the ASX 24, the September share price index futures contract was 40 points higher at 4,286 with 22,389 contracts traded.
RBS Morgans client adviser Bill Chatterton said local investors ignored negative leads from the US to snap up major local companies.
“There’s a positive undercurrent,” Mr Chatterton said.
“We’ve been nicely surprised by reporting season results, so the market is broadly responding to that.”
Strong results from Wesfarmers and AMP buoyed investor confidence, as investors poured money into insurance and banking stocks.
Wealth manager AMP was 20 cents higher at $4.36 after its $4 billion merger with AXA Asia Pacific contributed to a seven per cent rise in underlying first half profit.
Wesfarmers shares rose $1.23, or 3.8 per cent, to $33.72 after strong earnings at its Coles supermarket chain helped lift full year profit by 11 per cent to $2.1 billion.
Among the banks, Commonwealth Bank was up $1.00 at $57.05, National Australia Bank was 24 cents stronger at $24.50, Westpac gained 44 cents, to $24.12 and ANZ was 27 cents higher at $23.90.
Resources stocks were mixed, with BHP Billiton up 26 cents, or 0.8 per cent, at $32.88 and Rio Tinto was down 35 cents, or 0.64 per cent, at $54.74.
Internet provider iiNet was three cents stronger at $3.55 after an 11 per cent rise in full year profit.
Pallet maker Brambles was up five cents at $6.48 after it lifted annual profit by 21 per cent.
Building materials group Adelaide Brighton fell 35 cents, or almost 11 per cent, to $2.90 despite a $67.5 million first half net profit, up 9.8 per cent from the previous corresponding period.
Australian Securities Exchange operator ASX shed 11 cents to $31.30 after it said full year profit dropped by four per cent because investor activity had fallen.
Dexus Property Group suffered a 67 per cent slump in full year profit but predicted a pick-up in earnings in the 2012/13 financial year. Its securities were 2.5 cents lower at 97 cents.
The price of gold in Sydney closed at $US1,602.59 cents per fine ounce, up $US2.19 from $US1,600.40 on Wednesday.
National turnover was 1.59 billion shares worth $4.65 billion, with 525 up, 367 down and 344 unchanged.
