Financial gains give boost to colourless day
The gains came as the Reserve Bank held the cash rate at 3 per cent, equal to its lowest level on record.
CommSec market analyst Tom Piotrowski said banking stocks were under the microscope before bank reporting season but there were no clear drivers of the local market after the four-day Easter holiday.
"The market was able to hold on to its gains," Mr Piotrowski said.
"There weren't too many insights on offer. The banks did pretty well and they'll be supported on any weakness."
Mr Piotrowski said the market did not flinch after the Reserve Bank decided to keep interest rates on hold.
The Australian market on Tuesday also took into account moves on Wall Street on Thursday and overnight.
Among the major banks, National Australia Bank was 11¢ higher at $30.95, ANZ climbed 29¢ to $28.82, Westpac firmed 26¢ to $31.02 and Commonwealth Bank advanced 94¢ to $68.95.
Surfwear retailer Billabong went into a trading halt, having last traded at 73¢, as talks with its two potential suitors dragged on.
Dart Energy fell 4.6¢, or 43.8 per cent, to 5.9¢ after it said it would slash 70 per cent of its workforce to rein in costs in response to tighter government restrictions on coal seam gas projects.
Elsewhere in the resources sector, global miner BHP Billiton was down 4¢ at $32.72 and Rio Tinto gave away 70¢ to $56.50.
On Wall Street on Monday, the Dow Jones Industrial Average dropped 5.69 points, or 0.04 per cent, to 14,572.85 points as stocks were weakened by mediocre manufacturing data and cautious sentiment.
At the close on Tuesday, the benchmark S&P/ASX 200 Index was 19 points, or 0.38 per cent, higher at 4985.5.
The broader All Ordinaries Index was 15.6 points, or 0.31 per cent, firmer at 4995.5.
The June share price index futures contract was five points lower at 4983, with 21,670 contracts traded.
The price of gold in Sydney closed at $US1601.66 an ounce, down $US4.18 from $US1605.84 on Thursday.
National turnover was 1.63 billion securities worth $4.53 billion.
Frequently Asked Questions about this Article…
The sharemarket closed a touch higher largely because financial stocks strengthened. Gains in major banks helped the S&P/ASX 200 finish about 19 points (0.38%) up at 4,985.5, according to the report.
The RBA held the cash rate at 3%, its lowest on record, and the market didn’t flinch — investors appeared comfortable with the decision and banking stocks continued to be supported on any weakness, according to CommSec analyst Tom Piotrowski.
Major banks climbed: National Australia Bank rose 11¢ to $30.95, ANZ gained 29¢ to $28.82, Westpac firmed 26¢ to $31.02, and Commonwealth Bank advanced 94¢ to $68.95, boosting overall market sentiment.
Billabong went into a trading halt after last trading at 73¢ while talks with two potential suitors dragged on. A trading halt pauses trading to allow the company and market to manage material developments — investors should wait for official updates before trading.
Dart Energy plunged after announcing it would cut 70% of its workforce to rein in costs amid tighter government restrictions on coal seam gas projects. The stock fell 4.6¢, or 43.8%, to 5.9¢ on the news.
Resources were weaker: global miner BHP Billiton fell 4¢ to $32.72 and Rio Tinto slipped 70¢ to $56.50, weighing on the broader resources sector.
The S&P/ASX 200 closed 19 points higher at 4,985.5 and the All Ordinaries rose 15.6 points to 4,995.5. June futures were five points lower at 4,983 with 21,670 contracts traded, and national turnover was 1.63 billion securities worth $4.53 billion.
Yes. The Australian market took into account moves on Wall Street, where the Dow dropped slightly amid weak manufacturing data, and local commodity moves — Sydney gold closed at US$1,601.66 an ounce (down US$4.18 from the prior report) — which together helped shape sentiment.
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