SYDNEY, AAP – Technology and industrials shares were leading the Australian market higher, helped by more records on Wall Street overnight.
They were up more than one per cent as the ASX improved by about half a per cent.
One of the best performing technology companies was aerial imagery provider Nearmap.
Its shares jumped 14.6 per cent to $2.27 after reporting strong sales in North America.
This helped group full-year sales to about $133.8 million, higher than the forecast maximum of $132 million.
The benchmark S&P/ASX200 index was up 37.8 points, or 0.51 per cent, to 7371.3 at 1200 AEST on Tuesday.
The All Ordinaries was higher by 42.5 points, or 0.55 per cent, to 7647.4.
Wall Street’s main indices closed at their highest levels earlier, lifted by Tesla and bank stocks as investors waited for the start of the second-quarter earnings season.
Investors will closely watch quarterly reports for clues on the how long the US economic recovery from the pandemic may last.
Attention this week will also be on economic reports, including US inflation data and retail sales.
Federal Reserve Chair Jerome Powell is due to appear before Congress over two days and give his views on inflation.
In Australia, business confidence and conditions took a hit in June from coronavirus lockdowns.
The National Australia Bank monthly business survey captured the early stages of the Greater Sydney lockdown, as well as the snap restrictions in Brisbane, Darwin and Perth.
Business conditions fell 12 points to an index of 24 points in June after reaching a record high in May.
Business confidence also declined nine points in June, to 11 index points.
On the ASX, Kerry Stokes’ Seven Group continues buying shares in takeover target Boral and has gained almost 45 per cent.
Shares in Seven were up 1.33 per cent to $22.09.
Shares in Boral were down 0.06 per cent to $7.38.
Almond business Select Harvests surged by 17.71 per cent to $7.64 after reporting record shipments.
Boss Paul Thompson said demand continued to grow for almonds in their natural form and for milk and yoghurt.
Materials shares were better by 0.82 per cent after a strong performance on Monday.
The big miners were all higher. Fortescue was best of these and up 1.25 per cent to $24.97.
The big banks were mostly better. NAB was the pick of the big four and higher by 0.64 per cent to $26.39.
The Commonwealth was the only one of the group lower and shed 0.27 per cent to $98.90.
The Australian dollar was buying 74.93 US cents at 1200 AEST, higher from 74.71 US cents at Monday’s close.