Today, the Australian Securities Exchange (ASX) closed at 5,321.5 points, 38.4 points higher than yesterday and the exchange’s highest level since June 2008.
Positive economic data from China is largely responsible for the gain, The Sydney Morning Herald (SMH) reported. News surfaced this week that the Chinese economy, which is the second-largest in the world, grew 7.8 percent in the third quarter of 2013. The end of the US government shutdown this week also helped the market in Australia.
“The U.S. shutdown’s now in the past so the market has some sense of normality to it,” said Julia Lee, a Bell Direct equities analyst, according to the SMH. “So today, we were very much focused in on China and the numbers coming through there.”
Arrium (ASX:ARI), an international mining and materials company operating in Australia and internationally, also rose on the ASX. Arrium hit $1.36, an increase off $0.03, or 2.26 percent, from the previous session.
Iluka Resources (ASX:ILU) experienced some of the greatest losses on the ASX today. Iluka produces zircon and titanium dioxide products and operates in Australia as well as in the US. The company fell 3.35 percent, or $0.35, to $10.09.