4min read
PREVIOUS ARTICLE Faith in the Fed nudges Wall S... NEXT ARTICLE Australians flock to gig econo...

The Australian share market has opened higher, mirroring gains on Wall Street overnight.

The benchmark S&P/ASX200 index was up 17.6 points, or 0.27 per cent, to 6,548.5 points at 1030 AEST on Tuesday, while the broader All Ordinaries was up 18.6 points, or 0.28 per cent, to 6,628.

The tech and consumer staple sectors led gains after the first half hour of trading, adding 1.19 per cent and 1.17 per cent respectively.

Appen was up 2.36 per cent to $26.51 and Xero was up 2.27 per cent to $60.43 but Afterpay edged down 0.05 per cent to $20.26.

Coles was up 5.95 per cent to $13.53 after the super market giant said it was targeting $1 billion in cumulative savings over four years.

Others in the consumer staple sector also advanced, with Woolworths up 0.43 per cent to $32.44 and Wesfarmers gaining 0.92 per cent to $36.11.

Utilities had the sharpest losses – collectively shedding 0.72 per cent – as AGL Energy fell 1.31 per cent to $19.62.

Mining giant BHP was down 0.07 per cent to $40.13, Rio Tinto was flat at $103.86 and Fortescue Metals was down 0.94 per cent to $8.39.

The big four banks were mixed, with ANZ up 0.21 per cent to $28.34, Commonwealth up 1.07 per cent to $81.05, NAB down 0.04 per cent to $26.65, and Westpac up 0.21 per cent to $28.04.

Wall Street finished higher, with the Dow Jones Industrial Average up 0.09 per cent, the S&P 500 up 0.09 per cent and the tech-heavy Nasdaq Composite up 0.62 per cent.

The Reserve Bank of Australia is expected to shed more light on its reasoning behind this month’s interest rate cut when it releases the minutes of its last meeting at 1130 AEST.

The Aussie dollar is buying 68.54 US cents, from 68.74 US cents on Monday.