The benchmark S&P/ASX 200 Index gained 41.40 points or 0.56 percent to 7,431.50, after hitting a high of 7,467.50 earlier
The Australian stock market is significantly higher on Wednesday, recouping the losses in the previous session.
The benchmark S&P/ASX 200 stayed below the 7,500 level, following the broadly positive cues overnight from Wall Street, with strong gains across most sectors amid a sharp overnight rally in commodity prices and US Fed Chair Powell’s comments.
Technology stocks also extended their gains.
The benchmark S&P/ASX 200 Index is gaining 41.40 points or 0.56 percent to 7,431.50, after hitting a high of 7,467.50 earlier. The broader All Ordinaries Index is down 45.50 points or 0.59 percent to 7,756.20. Australian stocks ended notably lower on Tuesday.
Among major miners, BHP Group is gaining nearly 2 percent and, OZ Minerals is gaining nearly 1 percent and Mineral Resources is adding more than 1 percent, while Fortescue Metals is losing more than 1 percent and Rio Tinto is flat.
Oil stocks are higher. Woodside Petroleum is adding more than 3 percent and Santos is gaining more than 2 percent, while Beach energy and Origin Energy are gaining nearly 2 percent each.
In the tech space, WiseTech Global is adding nearly 2 percent, Zip is gaining nearly 4 percent, Afterpay is adding more than 5 percent, Appen is advancing 4.5 percent and Xero is up 2.5 percent. Afterpay shares climbed after receiving approval from the Bank of Spain for its $29 billion buyout by payments firm Block Inc., making the deal fully unconditional.
Among the big four banks, ANZ Banking, Westpac and National Australia Bank are flat, while Commonwealth Bank is inching down 0.1 percent.
Among gold miners, Newcrest Mining and Northern Star Resources are gaining nearly 4 percent each, while Evolution Mining is gaining more than 4 percent, Resolute Mining is up 0.6 percent, Newcrest Mining is losing more than 1 percent and Gold Road Resources is adding more than 2 percent.