The Australian market has extended its rally from Tuesday with local shares trading near three-week highs.
Better-than-expected GDP numbers from China gave Australian stocks a boost.
On Wall Street, the S&P 500 closed 0.5% higher. On the local market, nine out of ten sectors were stronger today after yesterday’s 1.9% rise.
Energy stocks were up a combined 2.4%. With Bent Crude higher by 0.9% to $US58.37 a barrel, Woodside Petroleum rose 2.45% to $34.76 and Santos 2.37% to $7.79.
BHP lost 1.37% to $26.63 after announcing writedowns in its US oil shale operations.
The major banks were all higher, led by the NAB at $33.88, up 1.23%, and the Commonwealth 1.1% to $87.20.
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