There was a mystery spike on the ASX this afternoon

Caitlin Bassett of Australia during the International Test match between the New Zealand Silver Ferns and the Australian Diamonds. Martin Hunter/Getty Images

The ASX had a mysterious spike in the middle of Wednesday afternoon’s trade.

For most of the day, the ASX 200 index ran below Tuesday’s close by around 0.48%.

The softer market also saw lighter than usual trade.

However, the ASX 200 reversed direction in the late afternoon, jumping into positive territory.

The move coincided with a 0.75% rally in Shanghai and news reports that treasury secretary John Fraser was telling a Senate hearing: “Things have been picking up somewhat. It’s been happening for the last couple of months or so.”

No other catalyst for the jump could be found.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at