The share market rose on the back of strong consumer confidence data in the US and higher commodity prices.
The market gave up some gains in late trade, but most sectors rose, in particular the mining stocks.
That was driven by a rise in iron ore stocks amid reports that large infrastructure projects had been officially approved in China, including new rail projects.
Other commodities to rise were copper, zinc and nickel.
“On balance the gains are across the market and we like it when they do that,” Morgans senior private client adviser Bill Chatterton said.
Iron ore miners shone.
BHP Billiton climbed 63 cents to $36.65, Rio Tinto added $1.29 to $63.67, Fortescue Metals gained 16 cents to $5.33 and Atlas Iron lifted 3.5 cents to 98 cents.
Consumer related stocks also performed well, with Flight Centre adding $1.24 to $53.29, JB Hi-Fi was up $1.13 to $18.80 and Tatts Group closed three cents higher at $2.88.
Banks also rose, with Westpac lifting 42 cents to $34.28, National Australia Bank adding 29 cents to $35.05, ANZ rising by 24 cents to $32.55 and Commonwealth Bank closed 50 cents higher at $76.39.
KEY FACTS
* At the close on Wednesday, the benchmark S&P/ASX200 index was up 40.2 points, or 0.75 per cent, at 5,376.8 points.
* The broader All Ordinaries index was up 36.2 points, or 0.68 per cent, at 5,387.2 points.
* The June share price index futures contract was 32 points higher at 5,370 points, with 27,593 contracts traded.
* National turnover was 2.05 billion securities worth $5.9 billion.
