The Australian share market is trading stronger, near four-and-a-half year highs.
A new market high on Wall Street in the US and figures on Australia’s economic growth buoyed investors.
Official figures released on Wednesday showed that Australia’s economy grew by 0.6 per cent in the last three months of 2012, largely in line with expectations.
In the US, the benchmark Dow Jones Industrial Average soared to an all-time record high on Tuesday, leaving behind the deep losses of the global financial crisis.
CMC Markets chief market analyst Ric Spooner said the Australian gross domestic product (GDP) figures had further boosted the local market, following a positive start to trading.
“We’ve seen strength in those (GDP figures) and also in the Aussie dollar,” Mr Spooner said.
“I think it’s really a bit of relief that they (the GDP) figures have come in around where expected.”
Mr Spooner said the new high on Wall Street was a “feel good factor” that had helped the Australian market upwards.
On the local bourse, among the major banks, ANZ lifted 52 cents to $29.39, Westpac added 68 cents to $31.93, Commonwealth Bank improved 88 cents to $69.56, and National Australia Bank advanced 64 cents to $31.23.
In the resources sector, BHP Billiton was 50 cents richer at $35.90, and Rio Tinto put on six cents at $63.66.
Iron ore hopeful Flinders Mines rose 0.3 cents to 7.5 cents after it struck a deal with four Chinese steel mills that brings its mine closer to reality.
KEY FACTS
* At 1200 AEDT, the benchmark S&P/ASX200 index was up 55.5 points, or 1.09 per cent, at 5,130.9 points
* The All Ordinaries index was up 54.7 points, or 1.08 per cent, at 5,142.8 points
* The March share price index futures contract was up 51 points at 5,130 points, with 16,775 contracts traded.
* At 1211 AEDT national turnover was 348.9 million securities worth $1.03 billion.
