Rise in local share market marks two straight sessions of gains despite lacklustre consumer sentiment reading
The Australian share market rose on Wednesday, marking the first time it managed two straight sessions of gains since the start of the month.
The All Ordinaries index closed up 34 points at 5,238 and the ASX-200 added 38 points, or just over 0.7 per cent, to 5,246.
Finance stocks led the way, including the major banks; Commonwealth Bank jumped 1.8 per cent, Westpac and ANZ rose 1 per cent each and ANZ added 0.7 per cent.
Telstra jumped 1.7 per cent and Qantas surged 3.9 per cent.
Mining companies also performed strongly, though the sector fell back from even better gains earlier in the day.
BHP Billiton closed 1.1 per cent higher and Rio Tinto rose 0.4 per cent after reporting a 12 per cent rise in third-quarter iron ore production.
Rio boss Sam Walsh also rejected recent criticism from the West Australian Government over the big miner's strategy of ramping up production as global iron ore prices fall.
Speaking to the media in Sydney, Mr Walsh said expansion had been a long-term strategy and had government approval.
Retailers also fared well, with Woolworths rising 1.1 per cent and Harvey Norman 0.9 per cent.
That was despite another lacklustre reading in the latest Westpac-Melbourne Institute Index of Consumer Sentiment.
The index rose 0.9 per cent to 94.8, but has remained below 100 - showing pessimists outnumber optimists - for eight straight months.
At 4:30pm (AEDT) West Texas crude oil was selling for $US81.67 a barrel while Tapis crude oil in Singapore was worth $US88.04 a barrel.
Spot gold was trading around $US1,226 an ounce.
The Australian dollar was buying around 87.3 US cents, 69 euro cents, 54.9 British pence, 93.7 Japanese yen and 111.4 New Zealand cents.
