Australian stocks are trading higher following gains on US and European markets overnight.
Morgan’s private client adviser Alistair McCorquodale said the move higher offset Monday’s losses.
“We’ve just seen a bit of a snap back on those European and US leads, and it is pretty much across the board,” he said.
US and European stocks received a boost overnight from stronger US industrial output figures.
Mr McCorquodale said it was too early to say if the slide that had occurred on the local market since mid-November had reached its bottom.
He said the key event would be the outcome of the final meeting of the US Federal Reserve’s policy body for 2013, which is due to wrap up early on Thursday (Australian time).
Investors will be watching the Federal Open Market Committee meeting to see if the Fed will begin to taper its stimulus program.
Among the big four banks, Westpac had gained 23 cents to $31.00, ANZ put on 42 cents to $30.71, National Australia Bank increased 14 cents to $33.34 and Commonwealth Bank was up 63 cents to $74.26.
In the resources sector, global miner BHP Billiton had gained four cents to $35.78, Rio Tinto was up 49 cents to $65.40 and Fortescue Metals had lifted 16 cents to $5.51.
Shares in REA Group dropped $2.95, or more than seven per cent, after the online real estate advertising business announced its chief executive, Greg Ellis, would leave the company to take up an overseas appointment.
KEY FACTS
* At 1210 AEDT on Tuesday, the benchmark S&P/ASX200 index was up 19 points, or 0.37 per cent, at 5,108.6 points.
* The broader All Ordinaries index was 19.2 points, or 0.38 per cent, higher at 5,112.3 points.
* The December share price index futures contract was six points higher at 5,107 points, with 48,368 contracts traded.
* National turnover was 800 million securities worth $1.57 billion.
