Signs of a US debt deal boost stocks
The benchmark S&P/ASX200 Index rose 51.2 points, or 0.98 per cent, to 5259.1, while the broader All Ordinaries rose 52.7 points, or 1.01 per cent, to 5259.2.
The prospect of a deal in the US had buoyed investors, Lonsec client adviser Michael Heffernan said.
"That's clearly the main factor at play," he said. "The US has got the money to pay the bills, they've just saddled themselves with an artificial construct." Mr Heffernan said the local market was approaching a new five-year high as materials, energy, industrials and financial stocks continued to rise.
BHP Billiton rose 34¢ to $35.40, Fortescue Metals rose 29¢ to $5.26 and Rio Tinto rose $1.55 to $63.20 after it said it was confident of hitting its iron ore production target.
Among the banks, Westpac rose 29¢ to $33.24, ANZ rose 33¢ to $31.47, Commonwealth Bank rose 49¢ to $73.01 and NAB was 25¢ higher at $35.01.
Telstra was 7¢ higher at $5 as it maintained its forecasts of low single-digit income and earnings growth this financial year.
Tabcorp was steady at $3.25 after its revenue in the September quarter rose by more than 3 per cent. Crown shares rose 59¢ to $16.44 and Echo Entertainment fell 13¢ to $2.59, after the Queensland government raised the prospect of issuing new casino licences.
Gold was $US1269.49 an ounce, down $US4.01.
The prospect of a deal on US debt also buoyed the dollar, which was trading late on Tuesday at US95.33¢, up from US94.67¢.
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The potential US debt deal boosted the share market, with the S&P/ASX200 Index rising by 51.2 points, or 0.98%, and the All Ordinaries increasing by 52.7 points, or 1.01%.
Materials, energy, industrials, and financial stocks contributed to the local market approaching a new five-year high.
Major mining companies saw gains, with BHP Billiton rising 34 cents to $35.40, Fortescue Metals increasing by 29 cents to $5.26, and Rio Tinto climbing $1.55 to $63.20.
The major banks experienced gains, with Westpac rising 29 cents to $33.24, ANZ increasing by 33 cents to $31.47, Commonwealth Bank up 49 cents to $73.01, and NAB rising 25 cents to $35.01.
Telstra's stock rose by 7 cents to $5, and the company maintained its forecasts of low single-digit income and earnings growth for the financial year.
Tabcorp's stock remained steady at $3.25 after reporting a revenue increase of more than 3% in the September quarter.
Crown shares rose by 59 cents to $16.44, while Echo Entertainment shares fell by 13 cents to $2.59 following the Queensland government's announcement about the potential issuance of new casino licenses.
The prospect of a US debt deal buoyed the US dollar, which was trading at US95.33 cents, up from US94.67 cents.
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