The Australian share market closed higher on Wednesday, boosted by encouraging economic data from Japan and South Korea and slightly stronger retail sales data in Australia.
The S&P/ASX200 index rose 35.8 points, or 0.84 per cent, to 4,298.5 points, while the broader All Ordinaries index lifted 36.9 points, or 0.85 per cent, to 4,388.1 points.
The ASX 24 March share price index futures contract was 31 points higher at 4,288 points, on a volume of 45,287 contracts.
City Index chief market analyst Peter Esho said markets in the Asia-Pacific region were quite strong on Wednesday.
He said the local bourse was boosted by favourable economic data out of Japan and South Korea, and by Australian retail sales data that showed a lift on the prior month and was in line with expectations.
“Despite a lot of companies going ex-dividend today, our market still managed to climb nearly one per cent – that’s a pretty bullish sign for our market,” Mr Esho said.
Figures from the Australian Bureau of Statistics on Wednesday showed that retail turnover rose by 0.3 per cent in January, after adjusting for the regular seasonal pattern.
The Japanese government said on Wednesday that Japan’s factory production had risen for a second straight month, boosted by car and camera manufacturing.
Figures from South Korea showed that its industrial output unexpectedly rose by 3.3 per cent in January, easing fears of an economic slowdown.
On the Australian share market on Wednesday, electronics retailer Harvey Norman was nine cents lower at $2.07 after it announced a fall in first half net profit of 2.1 per cent, citing unprecedented challenges in Australia’s discretionary retail sector.
Seven Group Holdings was 33 cents higher at $8.99 after the diversified investments company forecast buoyant full year earnings.
Engineering company WorleyParsons dropped 43 cents to $29.37 despite reporting a rise in first half profit of 18 per cent.
Global toll road owner Macquarie Atlas Roads was 0.5 cents lower at $1.67 after it said revenue and earnings from its toll roads had risen, and its assets were set to benefit when economic conditions improve.
Regional airline operator Regional Express Holdings eased two cents to $1.08 despite reporting a big lift in first half net profit on the back of rising demand for mining-related charter services.
In the resources sector, global miner BHP Billiton jumped 35 cents to $36.10, and Rio Tinto reversed 25 cents to $67.45.
Among the major banks, National Australia Bank advanced 38 cents to $23.67, Westpac gained 22 cents to $20.90, ANZ improved seven cents to $21.95, and Commonwealth bank found 28 cents at $49.43.
National turnover was 2.35 billion shares, worth $6.65 billion, with 663 stocks up, 410 down and 383 unchanged.
