Higher commodity prices and better than expected Chinese trade figures have fuelled strong gains on the share market.
The big miners, energy stocks and major banks all made solid gains in the market’s best session in six weeks.
“The beaten down materials sector is starting to show a bit of life,” HC Securities chief executive and client advisor Mark Lennox said.
“It could just be a bit of a relief rally for every over beaten resources stock, led by the oilers.
“The banks are starting to put in a bit of a relief rally as well.”
Strong Chinese trade figures raised hopes that the country’s economic slowdown is over, and especially boosted iron ore exporter Fortescue Metals.
China’s March exports surpassed analyst expectations, lifting 11.5 per cent from a year ago, and imports fell 7.6 per cent, less than expected.
Fortescue Metals jumped 23 cents, or 7.8 per cent, to $3.19.
The company said on Wednesday it is on track to exceed its full year production guidance after unseasonably mild weather in Western Australia helped boost iron ore shipments in the March quarter.
BHP Billiton rose $1.02, or six per cent, to $17.92 and Rio Tinto added $2.05, or 4.5 per cent, to $47.38.
Oil and gas producer Woodside Petroleum gained 75 cents to $25.82 and Santos put on 17 cents at $4.10.
Among the major banks, Commonwealth Bank added $1.51 to $73.73, National Australia Bank climbed 53 cents to $26.09, Westpac ascended 81 cents to $29.94 and ANZ improved 50 cents to $23.34.
KEY FACTS:
* The benchmark S&P/ASX200 index gained 79.1 points, or 1.59 per cent, to 5,054.7 points.
* The broader All Ordinaries index added 73.5 points, or 1.45 per cent, to 5,127.2 points.
* The June share price index futures contract was up 86 points at 5,037 points, with 32,113 contracts traded.
* The price of gold in Sydney at 1700 AEST was $US1,248.20 per fine ounce, down $US8.50 on Tuesday’s price of $US1,256.70.
* National turnover was 2.8 billion securities traded, worth $5.7 billion.
