ASX rallies late to finish day's trading firmer, breaking a stretch of declines

Australian shares rose on Wednesday, avoiding a fourth straight day of losses. Predictions of a strong start to the day after a strong close on Wall Street were proven wrong but the market was able to recover throughout the day with the S&P/ASX 200 index ending up 0.2 per cent at 5761.4 points.

A rebound in New York trading failed to translate to the ASX, which within a half hour of trading had fallen to a low of 5729. The market echoed what happened on Tuesday with the major banks dragging early, and the mining sector recording some strong, early gains. Copper prices were up overnight helping Sandfire Resources to a 4.25 per cent gain. Western Areas and CSR were also up with both recording gains above 2.5 per cent.