Australian market clocks gains despite weak GDP figures

The Australian market closed with significant gains on Wednesday despite disappointing GDP figures.

At the close, the benchmark S&P/ASX 200 index was up 49.4 points, or 0.91 percent at 5,478 points, and the broader All Ordinaries was up 48.8 points, or 0.89 percent, at 5,535 points.

"Very strong performance, and it comes despite much weaker-than-expected national accounts data so it's all the more impressive," CMC Markets chief market strategist Michael McCarthy told Xinhua.

"GDP clearly disappointed and although that might, judging by the fall that we saw in the Aussie dollar, be leading investors to expect lower interest rates, they certainly took the market higher over the day. And that is the tale of the day. We started with a good lift and from there we continued to rise.

"The other impressive aspect of it, was the fact that it was both top down and bottom up buying. And that every sector other than energy finished in the green."

Mining giant BHP Billiton was up 0.79 percent, while rival Rio Tinto climbed 2.88 percent. Gold miner Newcrest rose 0.96 percent.

Santos fell 2.03 percent, Oil Search slipped 0.14 percent and Woodside Petroleum was down 0.49 percent.

Banks recorded gains, with ANZ higher by 1.45 percent and Commonwealth Bank of Australia rising 1.49 percent. The National Australia Bank was up 1.19 percent while Westpac was 1.48 percent higher.

Wesfarmers edged up 0.37 percent and rival Woolworths rose 2.28 percent.

Qantas climbed 2.03 percent higher while telecom giant Telstra was up 0.71 percent. Endit