Australian stocks are rallying on stronger China economic data

Australia’s Tiffany Thomas Kane celebrates victory in the Women’s 100M Breaststroke final at the IPC Swimming World Championships in Glasgow. Ian MacNicol/Getty Images

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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