At closing bell, the benchmark S&P/ASX200 added 27.78 points, or 0.41%, to 6,770.40, an 11-month high. The broader All Ordinaries climbed up 36.02 points, or 0.51%, to 7,051.01.
Improvements have also been rather broad based with gains across nearly every sector. The information technology sector out-performed, with Afterpay touched new highs of A$142.30 before closing 5.2 per cent higher at A$141. Wisetech (WTC) was another big mover in the IT space with the logistics software firm advancing 4.8%.
Shares of resources were also higher, with mining giant BHP gaining 0.9 per cent to A$46.30 after increasing its iron ore production estimates to as much as 255 million tonnes this financial year. Iron ore production was 6% higher at 128.4Mt with record production achieved at its WA operations. FY21 guidance for iron has also increased to between 245 and 255 Mt as a result of the restart of Samarco operations (Brazil) in December 2020. However, coal, copper and petroleum production was down on the corresponding half a year ago. BHP also flagged an impairment charge up to $1.25 billion against NSW Energy Coal (NSWEC) in the Hunter Valley.
ECONOMIC NEWS: Australia Westpac Consumer Confidence Index Weakens In January- Australia consumer confidence took a hit in January, the latest survey from Westpac Bank revealed on Wednesday with a consumer confidence index score of 107.0. That's down from 112.0 in December, although it remains above the line of 100 that separates optimism from pessimism. The January reading represents a 4.5 percent monthly drop following the 4.1 percent increase in the previous month.
CURRENCY NEWS: The Australian dollar changed hands at $0.7735, still off levels above $0.775 seen last week.
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