The Australian share market has clawed back some of Wednesday’s losses due to positive Chinese trade data and a strong profit result from Telstra.
All sectors of the market finished strongly, with the big miners and major banks leading the way.
RBS Morgans private client adviser Craig Walker said the gains were mainly due to the release of better than expected Chinese trade data.
“The driver behind the market’s gains has been some strong data out of China which has given the market a bit of a lift,” Mr Walker said.
“The market has also reacted positively to Telstra’s result.”
China’s July trade surplus fell 29.6 per cent year-on-year to $17.8 billion, government data showed Thursday as a bigger-than-expected gain in imports outpaced one in exports.
The results marked a rebound in trade in both directions after exports and imports declined in June, with the gain in imports being the first since April.
Telstra shares rose after the telco reported a 13 per cent rise in annual profit to $3.9 billion.
The company’s shares closed 2.4 per cent higher at $5.13.
The market was also buoyed by the release of July jobs figures, which showed the unemployment rate remained steady at 5.7 per cent.
Among the big resources companies Rio Tinto was 88 cents higher at $59.48 and BHP was up 41 cents at $35.31.
After the market closed Rio Tinto reported its profit for the first half of 2013 fell by 71 per cent to $US1.72 billion ($A1.92 billion).
All of the big four banks were higher, with ANZ up 29 cents at $29.39, Commonwealth Bank 92 cents higher at $73.00, NAB up 21 cents at $30.74, and Westpac was 37 cents higher at $30.91.
KEY FACTS
* At the close on Thursday, the benchmark S&P/ASX200 index was up 53.5 points, or 1.07 per cent, at 5,064.8.
* The broader All Ordinaries index was up 50.5 points, or 1.01 per cent, at 5,047.1.
* On the ASX 24, the September share price index futures contract was 43 points higher at 5,009 with 31,912 contracts traded.
* National turnover was 1.5 billion securities worth $3.9 billion.
