The Australian share market has closed higher but gains were crimped as investors held back ahead of a flurry of Chinese economic data.
Falls in Westpac and BHP Billiton shares also weighed on the market which was being driven higher by bargain hunters, CommSec market analyst Steven Daghlian said.
“There are no specific drivers other than we have had a challenging run since the beginning of this month and buyers are now jumping back in again,” he said.
“Three of the big four banks are offsetting weakness from Westpac, and Fortescue Metals is another winner because it’s taking steps to pay down debt.
“One of the reasons the movement up is not huge is because China’s monthly economic data download is due straight after the close.”
The data, released at 1630 AEDT, showed growth in China’s industrial production slowed to 5.6 percent year-on-year in October.
While retail sales, a key indicator of consumer spending, increased 11.0 percent in the same month from a year earlier, China’s National Bureau of Statistics said.
And fixed asset investment, a measure of government spending on infrastructure, expanded 10.2 percent year-on-year in the January-October period.
Mr Daghlian said the data has the potential to set the tone for European and US trade on Wednesday night, Australian time, and affect local shares on Thursday.
Meanwhile, Westpac was down 76 cents, or 2.46 per cent, at $30.14, after going ex-dividend.
Commonwealth Bank was up $1.24, or 1.66 per cent, at $76.00, National Australia Bank had gained 40 cents, or 1.43 per cent, to $28.37, and ANZ had advanced 69 cents, or 2.7 per cent, to $26.23.
BHP shares were down 62 cents at $20.95, amid worries about when its iron ore mine in Brazil, jointly operated with Vale, will re-open after a dam burst unleashing a deadly mudslide.
Fortescue Metals was up seven cents, or 3.04 per cent, at $2.37 after it said it’s repaying debt worth $US750 million ($A1.07 billion) as part of its efforts to reduce interest costs.
Elsewhere in the resources sector, Rio Tinto was up one cent at $49.40.
Shares in Flight Centre, which is targeting another record profit result after making a solid start to the new financial year, rose 20 cents to $36.98.
KEY FACTS
* At the close on Wednesday, the benchmark S&P/ASX200 index was up 23.4 points, or 0.46 per cent, at 5,122.6 points.
* The broader All Ordinaries index was up 23.4 points, or 0.45 per cent, at 5,181 points.
* The December share price index futures contract was up 50 points at 5,126 points, with 26,074 contracts traded.
* The price of gold in Sydney at 1700 AEDT was $US1,092.30 per fine ounce, down 40 cents on Tuesday’s price of $US1,092.70.
* National turnover was 1.9 billion securities worth $4.4 billion.
