SYDNEY, AAP – Every share category was higher as the Australian market rebounded from two days of heavy losses.
The market was higher by more than one per cent at 1200 AEST on Thursday after most US markets had slim gains.
Consumer staples was the best performing category. Woolworths was up 2.53 per cent.
Some of the major banks and miners gained more than two per cent.
Fortescue Metals rose 2.43 per cent despite closing its Solomon Hub mine in Western Australia after a serious incident involving a worker. Police officers are investigating.
The benchmark S&P/ASX200 index was higher by 86.7 points, or 1.2 per cent, to 7283.4.
The All Ordinaries was up 82 points, or 1.09 per cent, to 7582.2.
There has been more bleak news about China’s economy. Factory activity unexpectedly shrank in September as high raw material prices and power cuts pressured manufacturers.
However the services industry improved as COVID-19 outbreaks receded.
Earlier, Wall Street recovered some losses despite little change in the economic outlook.
US Federal Reserve chairman Jerome Powell told a European Central Bank event persistent supply chain woes could keep inflation elevated for longer than expected.
Political wrangling continued over funding the US government as the deadline to prevent a shutdown approached. Lawmakers need to agree on raising the debt limit for the nation to pay its bills.
On the ASX, miner South32 has increased its stake in aluminium smelter Mozal Aluminium by 25 per cent.
South32 will pay $US250 million to MCA Metals Holding and raise its ownership of the Mozambique smelter to 72.1 per cent.
Shares were up 2.65 per cent to $3.48.
Market giant BHP gained 1.75 per cent to $37.03. Rival Rio Tinto improved by 2.68 per cent to $99.49.
In banking, ANZ, NAB and Westpac gained more than two per cent. The Commonwealth improved by one per cent.
Explosives provider Orica shot up by more than 15 per cent a day after giving details for its full-year earnings.
Analysts have been examining the $370 million in major items which will weigh on earnings.
Medical imaging provider Integral Diagnostics is buying The X-Ray Group for $37.5 million in cash and shares.
The X-Ray Group is in Albury and Wodonga on the NSW and Victorian border and has a forecast full-year earnings contribution of up to $5.5 million.
Integral shares were up 5.07 per cent to $4.97.
The Australian dollar was buying 71.95 US cents at 1200 AEST, lower from 72.55 US cents at Wednesday’s close.