Market wrap: ASX200 lifts on Wall St rally and iron ore surge
The benchmark ASX200 jumped 50.6 points, or 0.59 per cent, to close at 8589.2, while the broader All Ordinaries index lifted 48.8 points or 0.56 per cent, to finish at 8826.7.
The heavyweight materials sector led the charge, gaining 1.24 per cent.
Singapore iron ore futures advanced 3 per cent to $US98.95 a tonne in afternoon trade on the back of Wednesday's better-than-expected consumer inflation data out of China.
'This snapped a run of four months of consumer deflation and buoyed hopes that stimulus measures and easing trade risks with the US will boost China-facing stocks by the end of the year,' IG market analyst Tony Sycamore said.
BHP gained 1.19 per cent to $38.30 a share, Rio Tinto climbed nearly 1 per cent to $108.62, Fortescue rose 1.91 per cent to $16.51 and Mineral Resources added 3.66 per cent to $25.51.
Gold miners advanced as the precious metal hit US$3330 an ounce.
Evolution Mining jumped 3.57 per cent to $7.55 while Newmont rose 3.24 per cent to $90.29.
Financials also lifted, with Commonwealth Bank advancing 0.82 per cent to $180.37, Westpac edging up 0.5 per cent to $33.87, NAB climbing 1.12 per cent to $39.74 and ANZ gaining 0.77 per cent to $30.29.
Seven of 11 industry sectors ended in the green, though the healthcare sector continued to sell off, losing another 0.54 per cent following US President Donald Trump's threat this week to impose a 200 per cent tariff on pharmaceutical imports.
CSL retreated 0.53 per cent to $242.41 while Ramsay Healthcare tumbled 3.09 per cent to $37.92.
The market briefly broke through the 8600 barrier in intraday trading, reaching a high mark of 8610 points just before 1pm.
The bourse's gains followed a strong lead from Wall St overnight on Wednesday as confidence grew about a possible rate cut from the US Federal Reserve later in the year.
The Dow Jones added 217 points, or 0.49 per cent, to close at 44,458, while the S&P500 rose 0.61 per cent to 6263.26 and the tech-heavy Nasdaq index surged 0.94 per cent to 20,611.
'The central bank kept interest rates steady at 4.25 per cent to 4.5 per cent, signalling confidence in the economy, even as inflation, while easing, remains stubbornly above its 2 per cent target,' Moomoo market strategist Jessica Amir said.
'The labour market continues to impress, with low unemployment and steady job gains providing a sturdy backbone for growth.
'Yet central bank officials are treading carefully. Global uncertainties, shifting trade dynamics and geopolitical tensions remain firmly on its radar.
'While some officials see room for possible rate cuts later this year if inflation cools further, the consensus is clear: no rushing into decisions.'
In corporate news, medical devices company Imricor Medical Systems slumped 15.1 per cent to $1.32 after updating investors on its regulatory approvals progress in the US.
The top gainer on the ASX200 was Lifestyle Communities, which surged 9.2 per cent to $4.83.
The biggest loser was Domino's Pizza, slumping 4 per cent to $18.03.
The Aussie dollar gained 0.28 per cent to buy US65.5c at the closing bell.
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