The Australian stock market has published its fourth positive session in a row, backed by a night rally on Wall Street and strength in materials.
Technical stocks also helped the ASX 200 benchmark index rise by 70.2 points on Wednesday, or 0.99 percent, closing at 7182.7 points.
The broader All Ordinary rose 76 points, or 1.03 percent, closing at 7,426.6 points.
Investors may lower their expectations about the size of the next interest rate increase announced by the Reserve Bank after low wages were released on Wednesday.
Wage price index growth of 2.4 percent has been the largest in annual terms since the end of 2018, but it lags far behind the consumer price index, where inflation is 5.1 percent.
The WPI noted that the Australian dollar fell slightly, although it remained at around 70 US cents.
Stocks of materials have increased positive sentiment from China, where the blockade of Shanghai’s financial center is due to end by June.
Materials rose 2.5 percent and again helped raise the index, paving the way for nine of the 11 local sectors to make a profit by the end of the session.
Mining giants continued their productivity: BHP rose 3.18 percent to $ 47.01, Rio Tinto rose 2.05 percent to $ 108.86, and Fortescue Metals added 2.01 percent to $ 19.78.
The BHP spin off South 32 was one of the best indicators of the session, rising 5.15 percent to 4.7, although it was ahead of Champion Iron in first place, rising 5.29 percent to 0.37 cents.
City Index market analyst Tony Sycamore said the rally on Wall Street came after reliable data on retail sales was released.
He said retail figures would dispel fears of slowing growth and ease potential unrest over central bank chairman Jerome Powell, who noted that inflation remains a priority.
“In recent weeks, this type of Fed hawk talk would have knocked the light out of the market,” Mr Sycamore said.
“However, after a sharp drop in prices, the estimate now reflects the expectation that US yields will be in the range of 3.0 to 3.25 percent by March 2023.”
A strong rebound on the Nasdaq technology helped boost local IT stocks, which lagged only behind the materials sector, after a period of turbulence amid rising interest rates here and abroad.
It was a good day for many major tech players: Seek added 4.03% to $ 25.28, Life 360 rose 4% to $ 3.64, Megaport added 4.13% to $ 7.32, Wisetech Global rose 3 , 14% to $ 41, and the owner of Afterpay – 3.14% to $ 41. The bloc rose 3.16 percent to $ 118.9.
Competitor “Buy Now Pay Later” Zip, which has not impressed investors for some time, continued a long decline on Wednesday, falling 1.63 percent to 91 cents.
The big banks had a mixed day: ANZ added 0.9 percent to $ 25.84, Macquarie rose 0.56 percent to $ 181.50 and Westpac added 0.08 percent to $ 24.4.
The Commonwealth Bank fell 0.3 percent to $ 104.8 and the NAB fell 0.64 percent to $ 31.28.