The Australian share market has thrown off its morning doldrums to finish higher after better-than-expected economic growth figures out of China.
The benchmark S&P/ASX200 index on Wednesday finished up 21.5 points, or 0.3 per cent, to 7,077.6, while the All Ordinaries grew 21.3 points, or 0.29 per cent, to 7,265.7.
The ASX200 had been marginally lower at midday as US 10-year Treasury yields hit highest level since 2007, but climbed into the green in the afternoon after China announced its economy grew at a faster-than-expected pace in the third quarter.
Gross domestic product grew 4.9 per cent in the September quarter from the year earlier, data released by China's National Bureau of Statistics showed, compared with expectations for a 4.4 per cent increase.
"We're seeing a bit of a fiscal stimulus out of China at the moment," Eightcap market analyst Zoran Kresovic told AAP.
"They're cutting taxes and doing everything they can to stimulate the economy, and they're considering raising the budget deficit for 2023 and the removal of taxes on trading as well."
Beyond that, Mr Kresovic said that the ASX200 was bouncing off its lows and approaching a resistance level at 7,100.
"That's very normal to be honest, because generally September is the worst month when it comes to performance," he said.
"From mid-October, we generally see the upside, going into November and then the Santa rally in December."
The energy sector was the biggest gainer on Wednesday, climbing 2.5 per cent as Brent crude hit a two-week high of $US91.55 a barrel as horrific scenes at a hospital in Gaza diminished any hope for a diplomatic solution to the fighting.
Woodside climbed 2.2 per cent to $36.88 as the independent energy giant reaffirmed full-year guidance, while Whitehaven soared 11.5 per cent to a six-month high of $7.57 after the coalminer agreed to pay up to $6.4 billion for two of BHP and Mitsubishi's coking coalmines in Queensland.
Whitehaven chief executive Paul Flynn said it was a "compelling transaction for Whitehaven that accelerates our strategy, transforms our company and delivers substantial value for our shareholders".
On the flip side, Credit Corp was by far the bigger loser in the ASX200 on Wednesday, plunging 30.5 per cent to a three-year low of $11.97 after the consumer debt buyer said it expected to declare a $US45 million impairment on the value of its US debt ledgers.
"The impairment has arisen from a sustained deterioration in collection conditions," Credit Corp said. It's now forecasting a full-year statutory net profit of around $40 million, down from the roughly $95 million forecast in August.
Three of the Big Four banks were finished in the green, with NAB up 0.6 per cent to $29.55 and ANZ and CBA both climbing 0.2 per cent, to $25.82 and $101.42, respectively.
Westpac was the outlier, dipping 0.1 per cent to $21.45.
In the heavyweight mining sector, BHP grew 0.7 per cent to $45.88 as the Big Australian reaffirmed full-year production guidance, while Fortescue added 0.4 per cent to $21.91 and Rio Tinto climbed 0.3 per cent to $117.41.
Newcrest fell 0.1 per cent to $25.13 as it traded ex-dividend and its acquisition by Newmont Corp became legally effective and binding.
In small caps, Chilean lithium explorer Lithium Power International soared 27.7 per cent to 53c after agreeing to be purchased by Chilean state-owned copper miner Codelco for $385 million, or 57c per share.
The Australian dollar was buying 63.87 US cents, from 63.49 US cents at Tuesday's ASX close.
ON THE ASX:
* The S&P/ASX200 index finished Wednesday up 21.5 points, or 0.3 per cent, at 7,077.6
* The All Ordinaries gained 21.3 points, or 0.29 per cent, to 7,265.7
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 63.87 US cents, from 63.49 US cents at Tuesday's ASX close
* 95.63 Japanese yen, from 94.97 yen
* 60.33 Euro cents, from 60.21 Euro cents
* 52.35 British pence, from 52.07 pence
* 107.99 NZ cents, from 107.63 NZ cents
