Australian shares close stronger after volatile session

Australian shares closed a volatile session stronger as official data showed construction activity fell for the third quarter in a row, company results season delivered mixed results, and a swag of big names dipped after trading ex-dividend.

The benchmark S&P/ASX 200 Index added 0.2 per cent, on Wednesday to 5651.2 points, while the broader All Ordinaries Index rose 0.3 per cent to 5648.9 points. Local shares took a strong lead from Wall Street after the S&P 500 closed above 2000 points for the first time in its history on Tuesday.

As the European Central Bank mulls further easing monetary policy, global equity markets are riding a wave of optimism led by the US.

“Despite the strong recovery of the past few years leading up to the S&P 500 reaching the key 2000 landmark, I remain bullish on the outlook and feel the strength and duration of the resurgence will surprise many,” Fidelity Worldwide Investment chief investment officer Dominic Rossi said.

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