Australia’s share market was on course for a seventh consecutive positive session as financials, consumer discretionaries and technology companies helped it higher.
After a good US lead, the S&P/ASX200 benchmark index was up by 55.4 points, or 0.90 per cent, to 6187.4 at 1200 AEDT on Tuesday.
The All Ordinaries index was better by 51.1 points, or 0.80 per cent, to 6394.2.
Utilities and information technology were the best sectors, higher by 1.72 and 1.7 per cent respectively.
The financial sector was 1.55 per cent higher, while consumer discretionaries, telecommunications and property were all more than 1.0 per cent up.
Wall Street’s positive finish came after investors there bought technology stocks ahead of quarterly earnings, while expectations of economic stimulus from government remained.
Meanwhile Australia’s trade minister is investigating reports China has suspended lucrative imports of Australian coal.
Chinese steel mills and power plants have reportedly been told to stop using Australian coking and thermal coal.
Trade Minister Simon Birmingham confirmed there had been some disruptions to Australian shipments of coal into China, but said there was no evidence to verify a full-blown import ban.
The materials sector was down 0.05 per cent. BHP was higher by 0.01 per cent to $36.44, Rio Tinto crept up by 0.02 per cent to $96.66 while Fortescue edged lower by 0.35 per cent to $16.80.
The Commonwealth Bank held its annual general meeting and boss Matt Comyn said its strong capital position is helping the bank deal with a range of scenarios as the economy recovers from the coronavirus pandemic.
Yet Mr Comyn also said some Australians and businesses will continue to require its support.
Shares were higher by 1.2 per cent to $69.50. Among main rivals, ANZ was better by 2.79 per cent to $19.51, NAB gained 1.6 per cent to $19.29 and Westpac rose by 2.07 per cent to $18.93.
Telstra chairman John Mullen told an annual general meeting its performance has been a disappointment to investors and the board may use special measures to prevent the payout being cut.
Mr Mullen said the board was prepared to forgo paying an ordinary dividend of 70 to 90 per cent of underlying earnings, but this was not a guarantee.
Shares were higher by 2.51 per cent to $2.85.
Earlier on Wall Street, the S&P 500 rose 57.09 points to 3,534.22 and the Dow Jones Industrial Average climbed 250.62 points, or 0.9 per cent, to 28,837.52. The Nasdaq composite gained 296.32 points, or 2.6 per cent, to 11,876.26.
The Aussie dollar was buying 71.81 US cents at 1200 AEDT, higher from 72.32 US cents at the close of trade on Monday.