The Australian share market has bounced back above 5000 points, driven by the big four banks and energy companies.
Macquarie Bank division director Lucinda Chan said the release of strong manufacturing data from the United States overnight had boosted local markets.
“The financials have been the stand out along with the energy companies,” Ms Chan said.
“They’ve been holding up this market substantially.”
The benchmark S&P/ASX200 index closed two per cent higher at 5,021.2.
On a bumper day for the big four banks, ANZ topped the pile after announcing an overhaul of its wealth management business, closing $1.03 or 4.46 per cent higher at $24.10.
Commonwealth Bank was up $2.53, or 3.54 per cent, at $73.94, Westpac rose $1.22, or 4.14 per cent, to $30.69 and National Australia Bank was higher by 87 cents, or 3.53 per cent, at $25.55.
Among the energy companies, Woodside Petroleum was up $1.31 at $27.11, Oil Search added 19 cents at $6.99 and Santos put on 17 cents to end the day at $3.60.
Mining giant BHP Billiton was 70 cents higher at $16.73, Rio Tinto lifted $1.95 to $43.30 and Fortescue Metals Group added eight cents to $2.25.
Casino operator Crown Resorts rose 52 cents to $11.98 after the Chinese territory of Macau posted its best monthly gambling revenue performance since October last year.
As the federal government moved to change media laws, Australian media organisations had a mixed day on the market.
Metropolitan television networks struggled, with Seven West Media losing 8.5 cents to close at 94.5 cents, Nine Entertainment falling by 4.5 cents to $1.46 and Ten Network was flat at $1.005.
Shares in Fairfax were up three cents to 77.5 cents, while Prime Media rose 2.5 cents, or 6.25 per cent to 42.5 cents.
News Corp and Southern Cross Media both closed lower.
Private health insurers will increase their premiums by more than five per cent, leading investors to push Medibank Private shares up by 20 cents to $2.78 and nib higher by 12 cents to $3.72.
Ms Chan said she was hopeful the Australian market would continue to trade positively in the back end of the week.
“We’ve certainly had a very good week this week, so hopefully the global rally continues,” Ms Chan said.
KEY FACTS:
* At the close on Wednesday, the benchmark S&P/ASX200 index was 98.9 points, or 2.01 per cent, higher at 5,021.2.
* The broader All Ordinaries index was up 93.9 points, or 1.88 per cent, at 5,083.5.
* The March share price index futures contract was 125 points higher at 5,015, with 43,185 contracts traded.
* The price of gold in Sydney at 1700 AEDT was $US1,226.95 per fine ounce, down $US17.25 on Tuesday’s price of $US1,244.20.
* National turnover was 2.7 billion securities traded, worth $6.6 billion.
