SYDNEY, AAP – A broad-based rally has been under way on the Australian share market as investors expect no change from the Reserve Bank’s policy meeting later.

The market was up about 0.5 per cent on Tuesday and the biggest gains were in consumer discretionary, technology and property shares.

Travel stocks were receiving plenty of attention. Corporate Travel Management rose 5.5 per cent to $23.20. Flight Centre and Qantas were each higher by a little more than four per cent.

The miners were the chief laggards. Fortescue lost about one and 0.5 per cent to $16.88. BHP and Rio Tinto shed less than 0.3 per cent each.

Meanwhile, analysts do not expect the Reserve Bank to change its record low cash rate of 0.1 per cent.

The central bank is buying $4 billion in bonds a week to help Australia’s economic recovery from the pandemic.

GSFM investment strategist Stephen Miller said the February meeting was more likely to have a decision on winding up the bond-buying.

At 1200 AEDT, the benchmark S&P/ASX200 index was up 35.3 points, or 0.48 per cent, to 7280.4 points.

The All Ordinaries was higher by 39.5 points, or 0.52 per cent, to 7568.5 points.

US markets provided a good lead after some optimistic comments from a top health official on the latest COVID-19 variant.

Infectious diseases expert Dr Anthony Fauci said the Omicron variant did not look to have a great deal of severity.

In ASX stock moves, Bank of Queensland shares rose after a trading update at its annual general meeting.

The bank said its full-year net interest margin would be slightly lower than forecast due to tougher competition including increased fixed rate lending.

However, full-year expenses were expected to be lower by one per cent. The merger with ME Bank remains on track.

Shares were up 4.6 per cent to $7.95.

The best of the big four banks was ANZ. Its shares rose 1.14 per cent to $27.35.

Buy now, pay later provider Zip claimed a record amount of sales were made using its service in November.

The total sales were up 52 per cent on the same month last year. There were a record number of transactions for the month.

Shares were up about five per cent to $4.56.

Miner IGO confirmed it was assessing buying a greater stake in nickel miner Western Areas.

Western Areas’ main asset is the Forrestania Nickel Project in Western Australia.

IGO shares were down about one per cent to $9.91.

Western Areas shares were up by more than five per cent to $3.12.

The Australian dollar was buying 70.44 US cents at 1200 AEDT, higher from 70.19 US cents at Monday’s close.