However, market gains were capped after domestic inflation data showed cost living increased by 7.3% over the year to November, up from 6.9% in October.
At closing bell, the benchmark S&P/ASX200 index advanced 64.34 points, or 0.9%, to 7,195.34. The broader All Ordinaries index was up 69.80 points, or 0.95%, to 7,406.40.
Total 10 of 11 sectors ended higher along with the S&P/ASX 200 Index. A-REIT was the best performing sector, gaining +1.93%, followed by materials (up 1.68%), consumer discretionary (up 1.07%), and telecommunication services (up 0.97%).
The top performing stocks in S&P/ASX200 index were NOVONIX and IGO, up 9.35% and 5.18% respectively. The bottom performing stocks in S&P/ASX200 index were XERO and KAROON ENERGY, down 3.28% and 3.24% respectively.
Shares of materials and resources advanced as prices increased for commodities including gold (up 0.2%), silver (up 0.3%) and iron ore (up 1.7%). Lithium and borax producer Allkem and minerals mining company IGO were the top lifters, gaining 5.1% and 5.2% each
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In corporate news, Technology company Xero shed 3.3% on news the UK government was pushing back new tax reporting requirements.
ECONOMIC NEWS: Australia Inflation Rises 7.3% In November- Australia's inflation accelerated in November on higher housing and food prices and retail sales posted its biggest growth in ten months, official data revealed. The monthly consumer price index indicator advanced to 7.3% in November from 6.9% in October, the Australian Bureau of Statistics reported. The annual growth was driven by the 9.6% rise in housing and 9.4% increase in food and non-alcoholic beverages.
Retail sales grew at a faster pace of 1.4% on a monthly basis in November after climbing 0.4% in October, the ABS said in a separate communique. This was the biggest growth since January, when sales were up 2.0%. Nonetheless, annual growth in sales eased to 7.7% in November from 13.0% in October.
Australia Retail Sales Rise 1.4% On Month In November -According to a report by the Australian Bureau of Statistics, Australia's retail sales rose 1.4% M-o-M in November, well above expectation of 0.7% M-o-M. The seasonally adjusted turnover of AUD 35.92B was a new record high.
Ben Dorber, ABS head of retail statistics, said, While it is typically seen a rise in spending around Black Friday sales, the strong seasonally adjusted rise in November 2022 shows that the effect is increasing over time, as the event has become more common across retailers and sales periods become longer. Given the increasing popularity of Black Friday sales, the smaller increase in October may reflect consumers waiting to take advantage of discounting in November, particularly in light of cost-of-living pressures.
CURRENCY NEWS: The Australian dollar was stood at 0.6901 against greenback on Wednesday, up by 0.2% from previous trading day closure at 0.6887 after trading in the range of 0.6884-06926.
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