At home figures released by the ABS showed that the trade surplus declined by $654 million in October (from September), which fell short of economists’ forecasts.
The surplus last month was a seasonally adjusted $1.6 billion compared to a forecast of $2 billion. Exports were flat while imports climbed 2%.
The major banks helped drive the market higher; CBA was up 2% whilst rival NAB advanced 1.4%.
The big miners were buoyed by stronger commodity prices; Rio Tinto added 0.6% while BHP put on 1.9%
Elsewhere in the resources sector, Aston Resources (+1.4%) and Whitehaven Coal (-1.4%) have agreed on a merger that will create the largest pure play coal miner in Australia.
The ASX 200 jumped 50 points (+1.2%), settling at 4253.