The Australian share market has bounced back from an early slide with interest rate-dependent sectors helping it finish in the green.
The S&P/ASX200 ended trading on Wednesday up 21.8 points, or 0.25 per cent, to 8,918.0, as the broader All Ordinaries also rose 3.6 points, or 0.04 per cent, to 9,177.4.
A sell off of big tech stocks in the US overnight had traders expecting a tough day, but Moomoo Australia market strategist Michael McCarthy said the lack of tech stocks in the local market shielded it from more damage.
Positive consumer data released on Tuesday, which showed consumer confidence was at its highest level since February 2022, continued to feed into investor confidence on Wednesday.
"The support we saw in the market today seemed to reflect that, in particular, with good support for those retailers," Mr McCarthy told AAP.
Seven of 11 sectors on the ASX finished in the green, with real estate and financials leading, but materials and healthcare hampered the gains.
The heavyweight financials sector gained 1.4 per cent as the four major banks finished higher at the end of trading, led by NAB with a last-minute CBA flip from red to green.
Real estate stocks were also up 1.8 per cent after positive results led to surges for developer Stockland Group and asset manager HMC Capital, which recovered from losses.
Consumer discretionaries finished the day 1.9 per cent higher as Lottery Corporation benefited from shareholder sentiment after better than expected results.
Much of the buying on Wednesday came in areas impacted by interest rates, which included the banks and housing.
"These are all beneficiaries of a lower interest rate environment," Mr McCarthy said.
The materials sector had the biggest decline, slashing 2.3 per cent after fibre cement manufacturer James Hardie tanked almost 28 per cent on weak sales.
Mr McCarthy said the "savage" reaction could stem from shareholder disappointment with the company's results and also its earlier decision to re-list itself in the US without holding a vote.
Health care continued its downwards trajectory, falling 1.1 per cent, with biotech giant CSL extending losses a day after announcing job cuts and spinning off its vaccine arm.
But stocks bounced off lows and rallied into the close as investors bargain hunted in the sector.
Shares in gas company Santos were down after its results had to be pushed back because a United Arab Emirates takeover bid was delayed, amid overall falls in the energy sector which recorded a 1.2 per cent drop.
The Australian dollar is buying 64.43 US cents, down from 64.91 US cents on Tuesday at 5pm AEST.
ON THE ASX:
* The S&P/ASX200 rose 21.8 points on Wednesday, or 0.25 per cent, to 8918.0
* The broader All Ordinaries gained 3.6 points, or 0.04 per cent, to 9177.4
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.43 US cents, from 64.91 US cents on Tuesday
* 94.93 Japanese yen, from 95.79 Japanese yen
* 55.39 euro cents, from 55.6 euro cents
* 47.76 British pence, from 48.03 British pence
* 110.55 NZ cents, from 109.52 NZ cents
