At closing bell, the benchmark S&P/ASX200 index was up 25.04 points, or 0.33%, to 7,501.70 The broader All Ordinaries index advanced 23.55 points, or 0.31%, to 7,709.70.
Total 8 of 11 sectors ended higher along with the S&P/ASX 200 Index. A-REIT was the best performing sector, gaining 1.46%, followed by industrials (up 0.7%), materials (up 0.68%), and healthcare (up 0.63%) issues. Energy was worst performing sector, erasing 1.16%, followed by Information Technology (down 0.42%) issue.
The top performing stocks in S&P/ASX200 index were FLIGHT CENTRE TRAVEL GROUP and JAMES HARDIE INDUSTRIES PLC, up 8.09% and 4.29% respectively. The bottom performing stocks in S&P/ASX200 index were PINNACLE INVESTMENT and PALADIN ENERGY, down 7.2% and 4.12% respectively.
Shares of material companies advanced, with Rio Tinto and South32 rising 1.4% and 2%, respectively. Market heavyweight BHP also ended the day in the green, up 0.3%.
Shares of industrials also advanced, with building materials maker James Hardie Industries rising 4.3% after peers in the US posted solid earnings overnight.
Travel stocks surged, with Flight Centre jumping 8% after it completed its $180 million capital raising. Both Qantas and Webjet shares also finished the day higher.
ECONOMIC NEWS: The manufacturing sector in Australia slipped into stagnation in January, the latest survey from Judo Bank revealed on Wednesday with a manufacturing PMI score of 50.0. That's down from 59.2 in December and lands right on the boom-or-bust line of 50 that separates expansion from contraction.
CURRENCY NEWS: The Australian dollar was stood at 0.7070 against greenback on Wednesday, up by 0.2% from previous trading day closure at 0.7054 after trading in the range of 0.7037-0.7077.
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