THE Australian share market closed almost one per cent higher as investors took their cues from positive news in the US.
On Wall Street overnight on Tuesday, the Dow Jones Industrial Average jumped 111.90 points, or 0.77 per cent, to a fresh record of 14,559.65.
Rising home prices and orders for manufactured goods pushed up stocks.
European markets also firmed as investors gained confidence in the bailout plan arranged for Cyprus and its banking system.
EL&C Baillieu Stockbroking director Richard Morrow said the local market had slavishly followed the US lead in the absence of any local news.
"We've also managed to ignore all of the negative headlines out of Europe," Mr Morrow said.
"The market is bereft of influence because all of the major local profits have been announced, so we're in a bit of a vacuum of news."
Most market participants were packing their bags for the upcoming Easter holiday break, so trade on Thursday would been quiet.
In the local resources sector, global miner BHP Billiton was 27 cents higher at $33.19 and Rio Tinto gained 89 cents to $57.82.
National carrier Qantas was up four cents at $1.76 after it received final approval from the competition watchdog for its global partnership with Dubai-based airline Emirates.
Airline Virgin Australia added 1.5 cents to 41.5 cents, after the High Court of Singapore gave its blessing to Virgin Australia's takeover of regional carrier Skywest.
Global insurer QBE lifted 48 cents to $13.42 as it said it was on track to meet its financial targets this year as it embarks on a major transformation plan.
Agricultural chemicals supplier Nufarm was in a trading halt pending an announcement about the company's half year financial results and the outlook for the full year.
Nufarm last traded at $4.77.
Linc Energy shares have been placed in a trading halt ahead of an announcement about raising capital, and last traded at $2.67.
KEY FACTS
* At the close of trade on Wednesday, the benchmark S&P/ASX200 index was 44.8 points, or 0.91 per cent, higher at 4,995.
* The broader All Ordinaries index was up 42.3 points, or 0.85 per cent, at 5,007.
* The June share price index futures contract was 54 points higher at 5,010, with 54,100 contracts traded.
* National turnover was 1.4 billion securities worth $2.9 billion.
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