Christmas may be over but the Santa rally isn't done, after the local share market soared to finish at its highest level in 20 months with gains across the board.
The benchmark S&P/ASX200 index on Wednesday closed up 59.6 points, or 0.79 per cent, to 7,561.2, while the broader All Ordinaries gained 66.5 points, or 0.86 per cent, to 7,796.7.
The ASX200 ended the day higher than its previous best close of the year, a level it hit back on February 6.
It was at its highest point since April 21, 2022 and 71.6 points away from its all-time high set on August 16, 2021.
BHP, Commonwealth Bank, Fortescue and Rio Tinto were among the companies setting all-time close highs amid the enthusiasm.
The Big Australian rose 1.1 per cent to $50.26, while Fortescue added 0.7 per cent to $28.55 and Rio Tinto climbed 0.5 per cent to $135.12.
Smaller miners had an even better day, with Pilbara rising 2.6 per cent, Mineral Resources gaining 2.2 per cent and Lynas finishing up 1.4 per cent.
Boart Longyear soared 57.1 per cent to a nearly two-year high of $2.72 after the drilling services company agreed to a $US371 million ($A543 million) private equity buyout by American Industrial Partners Capital Fund.
"We believe this transaction provides the company's shareholders with the opportunity to realise an attractive cash amount for their shares at a significant premium to the recent trading price," said Boart Longyear president and chief executive Jeff Olsen.
The Big Four banks all finished higher, with CBA gaining 0.6 per cent to $111.19, NAB rising 0.4 per cent to $30.51, Westpac climbing 0.2 per cent to $22.88 and ANZ edging 0.1 per cent to $25.82.
Insurance companies - whose bottom lines would generally be hurt by the interest rate cuts being forecast for 2024 - were among the few losers on the day. IAG dropped 1.1 per cent and QBE and Suncorp both fell 0.4 per cent.
In health care, Opthea soared 30.8 per cent to a six-month high of 59.5c after the Melbourne-based biopharmaceutical company received $US35 million in funding from two private equity groups to develop its potential treatment for an eye disorder known as wet macular degeneration.
The Australian dollar meanwhile had risen over 68 US cents for the first time since mid-July. It was buying 68.29 US cents, from 67.75 US at Friday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Wednesday up 59.6 points, or 0.79 per cent, at 7,561.2.
* The broader All Ordinaries rose 66.5 points, or 0.86 per cent, to 7,796.7.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 68.29 US cents, from 67.75 US cents at Friday's ASX close
* 97.36 Japanese yen, from 96.41 Japanese yen
* 61.84 Euro cents, from 61.60 Euro cents
* 53.64 British pence, from 53.40 pence
* 107.85 NZ cents, from 107.89 NZ cents
