SYDNEY, AAP – Energy shares had major gains due to a rebounding oil price and have helped the ASX moderately higher.
Oil prices rose more than five per cent after seven days of losses, boosting energy shares.
There were gains of more than two per cent for Beach Energy, Oil Search, Santos and Woodside.
Meanwhile, the big mining stocks were up and continued to recover from last week’s heavy losses.
Rio Tinto shares were ahead by one per cent to $107.78. BHP and Fortescue were up by less than one per cent.
Most of the big banks were little changed.
The benchmark S&P/ASX200 index was higher by 20.4 points, or 0.27 per cent, to 7510.3 at 1200 AEST on Tuesday.
The All Ordinaries was up 21.5 points, or 0.27 per cent, to 7782.6.
Overnight, the Nasdaq reached an all-time closing high as all three major US indices closed higher.
Investor sentiment was boosted by full approval for the COVID-19 vaccine developed by Pfizer Inc and BioNTech SE.
Spiking COVID-19 infections caused by the highly contagious Delta variant have prompted concerns about economic recovery from the pandemic.
Millions of people in NSW and Victoria remain in lockdown due to outbreaks of Delta.
Consumer confidence figures showed people in those two states were less inclined to spend than they were a week ago.
However sentiment across the nation improved by 0.5 per cent.
Company leaders are also trying to chart a course through an economic landscape plagued by the virus.
Boral has had a substantial hit to earnings from coronavirus restrictions early in the financial year, after a return to full-year profit.
The building materials supplier said restrictions on construction in Sydney and South Australia in July had contributed to a $50 million impact on its first quarter.
Despite the full-year profit, shareholders will not be paid a final dividend.
Shares were down 5.83 per cent to $6.45.
Protective clothing maker Ansell has posted a 58 per cent jump in full-year profit after rising demand for personal protective gear amid the spread of coronavirus.
However the company warned the virus could disrupt supply and sales in southeast Asia.
Shares were down 8.67 per cent to $36.98.
Westfield shopping centres operator Scentre has swung to a half-year profit of $400.4 million as customer traffic rebounded when lockdowns eased in the first half of the year.
The shopping centre giant has however been impacted by recent lockdowns in Sydney and Melbourne.
Shares were up 4.5 per cent to $2.66.
The Australian dollar was buying 72.10 US cents at 1200 AEST, higher than 71.60 US cents at Monday’s close.