The Australian sharemarket has closed higher for the third straight day, driven by gains among the big banks.
CommSec market analyst Steve Daghlian said the local market was buoyed by positive news on US markets.
“Overall we had additional record highs in the US but volumes were quite light and that’s been the case in Australia ahead of Thanksgiving in the US on Thursday night,” Mr Daghlian said.
Locally, the mining sector, industrial stocks and consumer discretionaries were the big losers, but gains were recorded everywhere else.
“The big four banks and the financials did well and that was more than enough to lift the rest of the market,” Mr Daghlian said.
Volumes are expected to remain thin as markets across North America close on Thursday for Thanksgiving and for a half day on Friday.
The Dow Jones Industrial Average lifted 7.8 points to 16,072 overnight, an all time high.
Among the major banks, Westpac lifted 24 cents to $32.76, ANZ gained 16 cents to $31.95, Commonwealth Bank rose 58 cents to $76.85, National Australia Bank was up 30 cents at $34.40 as investors assessed the prospect of another Reserve Bank of Australia interest rate cut.
Global miner BHP Billiton lost nine cents to $37.80, Rio Tinto shed 36 cents to $65.04, iron ore miner Fortescue dropped eight cents to $5.74 and gold miner Newcrest gave up 16 cents to $8.10.
Meanwhile, Telstra was flat at $5.08.
KEY FACTS
* At the close on Tuesday, the benchmark S&P/ASX200 index was 4.5 points, or 0.08 per cent, higher at 5,350.6.
* The broader All Ordinaries index was up 4.2 points, or 0.08 per cent, at 5,357.0.
* The December share price index futures contract was one point higher at 5,376, with 23,016 contracts traded.
* National turnover was two billion securities worth $4.8 billion.
