SYDNEY, AAP – Shares have climbed to a record high on the Australian market, with property and information technology stocks faring best.
The ASX200 had peaked at 7315.6 points by 1200 AEST although gains were relatively tame across the market.
Property shares led the way and were higher by 0.82 per cent.
Information technology stocks were next best and higher by 0.69 per cent.
Shares in materials, financials and energy were little changed.
The benchmark S&P/ASX200 index was higher by 8.9 points, or 0.12 per cent, to 7290.8 at 1200 AEST.
The All Ordinaries was up by 11.8 points, or 0.15 per cent, to 7543.4.
There were slight falls on US markets amid a lack of market-moving news.
Investors may be waiting for US inflation data, due on Thursday.
This will show the rate of inflation resulting from the economy’s rapid recovery from the coronavirus.
Investors may also be watching efforts by the Group of Seven (G7) advanced economies to back a minimum global corporate tax rate of at least 15 per cent.
A tax hike could affect the US tech giants.
Meanwhile in Australia, Victorian leaders said they expect to ease lockdown restrictions across the state later this week.
Two infections were reported on Tuesday as Melburnians endure their second week of lockdown.
Business leaders reported great trading conditions in May and helped a survey index to its highest level.
The NAB business conditions index reached a new high for a second consecutive month.
NAB chief economist Alan Oster said this should mean more people getting jobs.
Ratings agency Standard & Poor has upgraded its outlook on the credit worthiness of Australian banks.
The agency improved the ratings from negative to stable.
This applied to the big four, Macquarie Bank, Export Finance Australia, and National Housing Finance and Investment Corporation.
On the ASX, NAB and Westpac were higher by less than half a per cent.
ANZ and the Commonwealth were lower by about half a per cent or less.
Fibre network provider Superloop said it was buying internet service provider Exetel for $110 million.
Superloop is raising $100 million through a share sale to help fund the purchase.
The company earlier asked for trading of its shares to be paused.
They last traded for $1.04.
In mining, the major players were all mostly lower.
BHP and Rio Tinto lost less than one per cent.
Fortescue was even at $22.65.
The Australian dollar was buying 77.50 US cents at 1200 AEST, higher from 77.34 US cents at Monday’s close.