The share market has had its best session in more than three months following rallies on markets in the US and Europe as investors feel more positive about the global economic environment.
All sectors of the local market gained ground, with the exception of telcos, Atlantic Pacific Securities client adviser Gary Huxtable said.
“The global data has been positive over the last few months, if you look at the US and some of the PMI (purchasing manager index) numbers as well coming out globally,” he said.
US President Donald Trump’s first speech to Congress on Wednesday lacked substance, though his demeanour was viewed as positive by markets, Mr Huxtable said.
But economic data was having a bigger impact than anything President Trump had said, he said.
Locally, the big miners, major banks and energy stocks led the way.
BHP Billiton and Rio Tinto both rose by more than three per cent, and the big four banks all gained one per cent or more, led by Commonwealth Bank.
The market’s gains, the best in a session since late November, came despite several major stocks, including Woodside Petroleum, Woolworths, Fortescue Metals and Lendlease, trading ex-dividend.
The Australian dollar moved within a narrow range throughout the day and was slightly lower at the end of local trade.
ON THE ASX:
* The benchmark S&P/ASX200 added 71.8 points, or 1.26 per cent, to 5,776.6 points
* The broader All Ordinaries index gained 69.8 points, or 1.21 per cent, to 5,820.7 points
* The March SPI200 futures contract was up 80 points, or 1.41 per cent, at 5,763 points.
* National turnover was 3.5 billion securities traded, worth $6.9 billion.
CURRENCY SNAPSHOT AT 1700 AEDT:
One Australian dollar buys:
* 76.56 US cents, from 76.61 on Wednesday
* 87.30 Japanese yen, from 86.90 yen
* 72.70 euro cents, from 72.58 euro cents
* 62.36 British pence, from 61.91 pence
* 107.35 New Zealand cents, from 107.27 NZ cents
GOLD:
The spot price of gold in Sydney at 1700 AEDT was $US1,246.20 per fine ounce, up $US1.90 from $US1,244.30 on Wednesday.
BOND SNAPSHOT AT 1200 AEDT:
* CGS 5.25 per cent March 2019, 1.819pct, from 1.840pct
* CGS 4.25pct April 2026, 2.739pct, from 2.753pct
Sydney Futures Exchange prices:
* March 2017 10-year bond futures contract at 97.185 (implying a yield of 2.815pct), up from 97.165 (2.835pct) on Wednesday
* March 2017 3-year bond futures contract at 97.97 (2.03), up from 97.94 (2.06pct).
(*Currency closes taken at 1700 AEDT previous local session, bond market closes taken at 1630 AEDT previous local session)
