The Australian share market has closed higher, boosted by the energy and mining sectors as the price of crude and iron ore gained.
The benchmark S&P/ASX200 index finished up 32.9 points, or 0.51 per cent, to 6,484.8 points at 1615 AEST on Tuesday, while the broader All Ordinaries closed up 35.6 points, or 0.54 per cent, to 6,580.4.
“It’s been a funny one,” said Pepperstone’s head of research, Chris Weston. “We saw all the buying come in the first 37 minutes, and then, from 10:37, we were in a very tight range.”
The market is still cautious, he said.
The price of Brent crude oil rose two per cent overnight, to $US70.11, pushing the energy sector up 1.3 per cent.
Woodside Petroleum gained 0.7 per cent to $36.03, Santos was up 1.3 per cent to $7.07 and Origin Energy gained 1.3 per cent to $7.69.
Engineering company WorleyParsons surged 7.9 per cent to $14.14 after announcing after Monday’s close that Juan Jose Suarez Coppel, the former chief executive of Mexico’s state-owned oil company PEMEX, would be joining its board of directors.
The materials sector moved 0.9 per cent higher, with BHP up 1.7 per cent to $38.60 and Rio Tinto up 2.2 per cent to a a fresh 11-year high of $105.31 after it was upgraded to a “buy” by Goldman Sachs.
All sectors posted gains except the traditionally defensive sectors of utilities and property trusts.
Tech stocks gained 2.2 per cent, with Wisetech Global up 5.5 per cent to $24.50, EML Payments up 5.5 per cent to $2.68, red-hot Appen up 5.8 per cent to $27.76 and Afterpay gaining 4.2 per cent to $24.93.
It was an all-time high for all of those companies except for Afterpay.
Aerial images company Nearmap was the biggest gainer on the ASX200, up 9.59 per cent to $3.77.
All of the big banks were up except for Westpac, which dropped 0.2 per cent to $27.87.
Commonwealth gained 0.5 per cent to $78.04, NAB gained 1.2 per cent to $26.14 and ANZ gained 0.7 per cent to $28.
Telstra gained 0.85 per cent to $3.56, while CSL was up 0.3 per cent to $207.28
The Aussie dollar is buying 69.28 US cents, from 68.33 US cents on Monday.
ON THE ASX:
* The benchmark S&P/ASX200 index was up 32.9 points, or 0.51 per cent, to 6,484.8 points at 1630 AEST on Monday.
* The All Ordinaries was up 35.6 points, or 0.54 per cent, to 6,580.4.
* At 1630 AEST, the SPI200 futures index was up 21 points, or 0.32 per cent, to 6,484.
CURRENCY SNAPSHOT AT 1630 AEST:
One Australian dollar buys:
* 68.27 US cents, from 68.33 US cents on Monday
* 75.82 Japanese yen, from 75.94 yen
* 61.94 euro cents, from 61.88 cents
* 54.56 British pence, from 54.41 pence
* 105.63 NZ cents, from 105.78 cents