The local share market has started the new month off on the right foot, with its best session in three weeks as traders snapped up bargains following October's heavy losses.
The benchmark S&P/ASX200 index on Wednesday finished 57.6 points higher at 6,838.3, a gain of 0.85 per cent, while the broader All Ordinaries rose 57.1 points, or 0.82 per cent, at 7,024.6.
The rebound from the ASX's almost one-year low came ahead of the Federal Reserve's latest decision on interest rates, set to be announced early on Thursday, Australia time.
The Fed is overwhelmingly expected to leave rates on hold, but as always, traders will be carefully watching the commentary for a hint of the central bank's direction.
Across the ditch, government figures showed the New Zealand labour market softened in the third quarter as higher interest rates took hold, with the unemployment rate rising from 3.6 per cent to 3.9 per cent and weaker-than-expected employment growth.
Closer to home, the Australian Bureau of Statistics reported building approvals sunk by 4.6 per cent to decade lows in September, with the data painting what St George economist Jarek Kowcza described as a sombre picture of the supply-side of the housing market.
Nine of the ASX's 11 sectors finished higher, with the gains intensifying in the afternoon.
Property the biggest mover, rising 1.9 per cent as Goodman Group climbed 2.2 per cent.
The heavyweight mining sector rose 1.1 per cent, with BHP climbing 1.6 per cent to $45.19 as the Big Australian announced it would spend $7.7 billion to develop stage two of its Jansen potash project in Canada.
"We believe the long-term fundamentals for the potash market are compelling and they further improved since we sanctioned Jensen stage one," chief executive Mike Henry told BHP's annual general meeting in Adelaide.
Elsewhere in the sector, Fortescue grew 2.5 per cent to $22.86, Rio Tinto added 2.4 per cent to $120.44 and goldminer Newmont dipped 2.3 per cent to $59 in its third day of trading on the ASX.
In the energy sector, coalminers were under pressure as prices for the fossil fuel tumbled. New Hope dropped 4.5 per cent, Whitehaven fell 1.6 per cent and Yancoal dropped 1.5 per cent.
Uranium producers and developers continued their bull run following surging prices for the nuclear fuel, with Paladin Energy gaining 7.9 per cent and Deep Yellow rising 6.8 per cent.
The Big Four banks all finished higher, with NAB adding 0.4 per cent to $27.16, CBA climbing 0.3 per cent to $96.87 and Westpac and ANZ both finishing 0.7 per cent higher, at $20.74 and $24.87, respectively.
Voice communications software group Symbio rose 3.3 per cent to $2.84 after agreeing to be acquired by Aussie Broadband for $262 million in a cash-and-scrip deal valuing Symbio shares at $3.01.
Aussie Broadband was in a trading halt pending an announcement of a capital raising in relation to the takeover.
Domino's Pizza Enterprises grew 2.3 per cent to $51.99 after CEO Don Meij told its annual general meeting the fast food company was delivering its best performance since inflation pressures started to hit households 18 months ago.
The company formerly known as Carsales.com rose 1.1 per cent to $27.92 as it announced its name change to CAR Group would take effect this week, a shift designed to reflect the scope of its international operations and delineate the parent company from its marketplace brands.
The Australian dollar was buying 63.35 US cents, from 63.47 US cents at Tuesday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Wednesday up 57.6 points, or 0.85 per cent, at 6,838.3.
* The broader All Ordinaries rose 57.1 points, or 0.82 per cent, to 7,024.6.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 63.35 US cents, from 63.47 US cents at Tuesday's ASX close
* 95.83 Japanese yen, from 95.41 Japanese yen
* 59.94 Euro cents, from 59.92 Euro cents
* 52.20 British pence, from 52.30 pence
* 109.05 NZ cents, from 108.91 NZ cents.
