The US central bank’s decision to retain ultra-low interest rates has boosted the local share market.
US markets reacted positively to the Fed Reserve’s monetary policy announcement, with the S&P 500 index hitting a new record.
“The US central bank has said the weaker than expected US economic growth could mean rates will remain close to zero for longer and that means cheap money for a longer period of time,” Commsec market analyst Steven Daghlian said.
“This is helping most of the sectors in Australia today.”
Miners were the standout, as they also got a boost from an improvement in the iron ore price.
Rio Tinto had jumped $1.29 to $59.19, BHP Billiton added 96 cents to $36.24 and Fortescue Metals was 18 cents higher at $4.20.
In other news, electronics retailer JB Hi-Fi confirmed it was on track to lift its annual profit by about 10 per cent, despite lowering its sales growth expectations.
Its shares were up 13 cents at $18.86.
TV broadcaster Ten had shed two cents to 27 cents after saying its revenue will likely be down by 3.5-4.5 per cent.
Rail and ports operator Asciano’s shares were up 22.5 cents at $5.455 on news it will axe about 500 jobs to help reduce costs by $90 million during the 2014/15 financial year.
The major banks were also higher, with Commonwealth Bank up 78 cents $81.78, National Australia Bank up 36 cents at $33.37, Westpac up 37 cents at $34.21 and ANZ 25 cents firmer at $33.99.
KEY FACTS
* At 1228 AEST on Thursday, the benchmark S&P/ASX200 index was up 58.8 points, or 1.09 per cent, at 5,441.5.
* The broader All Ordinaries index was up 56.4 points, or 1.05 per cent, at 5,420.9.
* The June share price index futures contract expired 52 points higher at 5,434, with 8,103 contracts traded.
* The September share price index futures contract was 63 points higher at 5,400, with 19,691 contracts traded.
* National turnover was 1.2 billion securities worth $4.06 billion.
