ASX Today Live News & Analysis

The S&P/ASX200 gained 70.7 points on Wednesday, up 0.8 per cent, to 8,927.8, as the broader All Ordinaries rose 55.3 points, or 0.6 per cent, to 9,204.6.

Basic materials and energy stocks each gained more than three per cent, while the heavyweight financials sector rose one per cent, with buying squarely focused on major companies.

"That does lend itself to the idea it could be international buying, and it possibly is based on the idea that the outlook for the Australian dollar is now positive," Moomoo market strategist Michael McCarthy told AAP.

"And with Aussie rates going up yesterday, and rates around the rest of world might be going down, it's very likely some global investors come to the view the Aussie's likely to head higher, and they want to be invested in Australian shares for that reason."

BHP surged more than four per cent to overtake Commonwealth Bank as Australia's biggest company, the miner's now-$266 billion market outstripping CBA by almost $3.3 billion.

Australia's largest bank didn't have a bad day either, its shares rising 2.6 per cent to $157.06 to four-week highs, and was the best of the big four on Wednesday.

The raw materials sector led four of 11 local segments higher, with gold miners rallying for a second day as the precious metal stabilised after Friday's dramatic sell-off.

Spot gold reclaimed the $US5,000 an ounce level to trade hands at $US5,079 ($A7,225) an ounce, supporting names like Newmont (+4.3 per cent), Evolution (+3.9 per cent) and Northern Star (+6.2 per cent).

Lynas Rare Earths rallied for a second day after the US announced plans for a critical minerals stockpile to relieve dependence on China, which accounts for roughly 90 per cent of world rare earths elements production.

Energy stocks rallied more than three per cent, tracking with similar gains in its segment giants Woodside and Santos, while coal producers and uranium stocks also lifted.

Further aligning with the big money moving to large caps thesis was blood plasma giant CSL, which jumped more than two per cent in its best performance in nearly two months.

In company news, Amcor share jumped more than three per cent to a six-month high after reaffirming 2026 guidance, following a revenue spike and a new deal in the weight-loss space.

Synlait Milk shares plummeted 13.4 per cent after flagging a first-half loss of up to $NZ82 million ($A71 million), impacted by manufacturing challenges and operating costs.

The Aussie dollar is buying 70.29 US cents, up from 70.07 US cents on Tuesday at 5pm, the local currency supported by the interest rate hike and a positive global economic outlook.

ON THE ASX:

The S&P/ASX200 gained 70.7 points, or 0.8 per cent, to 8,927.8

The broader All Ordinaries fell 55.3 points, or 0.6 per cent, to 9,204.6

CURRENCY SNAPSHOT:

One Australian dollar trades for:

70.29 US cents, from 70.07 US cents at 5pm AEDT on Tuesday

109.88 Japanese yen, from 108.91 Japanese yen

59.41 euro cents, from 59.33 euro cents

51.25 British pence, from 51.17 British pence

116.39 NZ cents, from 116.11 NZ cents

Companies Holding Annual General Meeting (ASX 300):

Nufarm Limited

Companies commencing Ex-Dividend Trading Today (ASX 300):

Qualitas Real Estate Income Fund