The share market has been buoyed by strength in the heavyweight energy and mining sectors.
The benchmark S&P/ASX200 stock index rose 0.25 per cent to 6,013.2 points, with the gains by energy and materials stocks offsetting falls in the utilities and healthcare sectors.
OptionsXpress market analyst Ben Le Brun said a strong rise in oil prices and improved iron ore prices were behind the resource sector’s strength.
“It has been a commodity price rally today,” he said.
“It’s nice to see the market back up above 6,000 points and we are hoping it can stay there into the new year.”
Since breaking through 6,000 points in November for the first time in almost a decade, the market has struggled to remain above this key level.
Origin Energy gained 1.9 per cent to $9.30, Oil Search lifted 1.1 per cent to $7.38, Woodside Petroleum added 1.7 per cent to $32.29, and Santos was one per cent stronger at $5.10.
BHP Billiton added 1.7 per cent to $27.65, Rio Tinto gained 1.1 per cent to $70.25 and Fortescue Metals was up two per cent at $4.70.
ANZ was the best out of the big four banks, up 1.1 per cent at $28.82, after it agreed to sell its life and consumer credit insurance business to international insurance giant Zurich for $2.85 billion.
Commonwealth Bank and National Australia Bank both rose 0.5 per cent, while Westpac dipped 0.1 per cent.
Shares in Fairfax Media lifted nearly two per cent to 78 cents on its announcement that is has struck an advertising partnership with Google.
ON THE ASX:
* The benchmark S&P/ASX200 was up 14.9 points, or 0.25 per cent, at 6,013.2 points.
* The broader All Ordinaries index was up 11.2 points, or 0.18 per cent, at 6,093.1 points.
* The SPI200 futures contract was up 15 points, or 0.25 per cent, at 6,019 points.
* National turnover was 3.9 billion securities traded worth $5.6 billion.
CURRENCY SNAPSHOT AT 1700 AEDT:
One Australian dollar buys:
* 75.36 US cents, from 75.25 US cents on Monday
* 85.50 Japanese yen, from 85.46 yen
* 64.01 euro cents, from 63.89 euro cents
* 56.46 British pence, from 56.17 pence
* 108.73 NZ cents, from 108.98 NZ cents
The spot price of gold in Sydney at 1700 AEDT was $US1,244.94 per fine ounce, from $US1,249.44 per fine ounce on Monday.
BOND SNAPSHOT AT 1630 AEDT:
* CGS 4.50 per cent April 2020, 1.8846pct, from 1.8874pct on Monday
* CGS 4.75pct April 2027, 2.4857pct, from 2.5177pct
Sydney Futures Exchange prices:
* December 2017 10-year bond futures contract at 97.46 (implying a yield of 2.54pct), from 97.4225 (2.5775pct) on Monday
* December 2017 3-year bond futures contract at 98.01 (1.99pct), from 98.005 (1.995pct).
(*Bond market closes taken at 1630 AEDT previous local session; currency closes taken from 1700 AEDT previous local session)