Shares of materials and resources inclined, reflecting higher copper and iron ore prices on broad improvements in global investment sentiment. Copper prices recorded an unexpected rise of 2.43% overnight, while iron ore jumped too. BHP Billiton was up 2.9% to A$32.40 and Rio Tinto rose 3.1% to A$75.40.
Energy stocks advanced, helped by an overnight jump in oil prices. Woodside Petroleum, the country's biggest listed oil and gas explorer, rose 0.8%, while Santos firmed 2.5%
Shares in banks and financial players were also higher, with Westpac recording the strongest gain, up 1.1% to A$28.20, while Commonwealth Bank had the weakest gain, up 0.24% to A$72.09.
ECONOMIC NEWS: Australia Westpac Leading Index Indicates Slowing Growth Momentum-- Australia Westpac-Melbourne Institute leading index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, fell to -0.02% in August from 0.5% in July, data from Westpac showed Wednesday. Westpac expects momentum to slow to around 2.5% in the second half of 2018, which will be slightly below trend, with this slower pace to be sustained through 2019 at around 2.7%.
CURRENCY: Australian Dollar rallied against greenback and other major currencies on Wednesday. The Australian dollar was buying at 72.49 US cents, up from 72.13 on Tuesday; 81.45 Japanese yen, from 80.98; 62.05 euro cents, from 61.62; 55.09 British pence, from 54.82; and 109.75 NZ cents, from 109.31.
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