The Australian share market closed marginally stronger at a nine-month high after gains by miners were offset falls among the big four banks.
The benchmark S&P/ASX200 index closed up 6.4 points, or 0.14 per cent, at 4,435.9 points, while the broader All Ordinaries index edged up 7.5 points, or 0.17 per cent, to 4,504.8 points.
On the ASX 24, the June share price index futures contract was 13 points higher at 4,432 points, with 21,362 contracts traded.
Investors appeared to take a cautious approach and consolidate gains made following Tuesday’s decision by the central bank to lower interest rates by a greater than expected 50-basis points.
“It was quite an underwhelming performance, a bit of a misfire compared to the performance we saw from Wall Street overnight,” CMC Markets senior trader Tim Waterer told AAP.
“Much of the initial elation from the 50 basis point cut from the RBA (Reserve Bank of Australia) seems to have worn off today.”
Mr Waterer said decent manufacturing numbers released in the past 48 hours from several countries including China had helped to spur the market.
There were falls among the banks on Wednesday as traders waited to see how they would react to the cut to the cash rate.
National Australia Bank (NAB) was the first to cut its variable home loan rates but by less than the RBA cut, dropping its variable mortgage rate by 0.32 percentage points.
The other majors are still on the sidelines
National Australia Bank eased 11 cents to $25.10, while Commonwealth Bank was 17 cents lower at $52.68, Westpac retreated 14 cents to $22.69, and
ANZ Banking Group was off 19 cents at $23.80 after it reported a 10 per cent lift in first half profit but said margins in its Australian business were declining.
The resources sector was boosted by stronger commodities prices overnight, including crude oil.
BHP Billiton was 28 cents richer at $36.25 and Rio Tinto added 62 cents to $66.41.
Bauxite miner and alumina producer Alumina was flat at $1.145 after it said pricing and demand would remain subdued in 2012 as the high Australian dollar continued to put the company under pressure.
Origin Energy was 23 cents higher at $13.74 after it struck a deal to supply gas to a joint venture of major energy suppliers.
Woodside Petroleum lifted 46 cents to $36.66 after revealing that it had begun shipping LNG at its second Pluto project this week.
Among other stocks, APN News & Media was 0.5 cent up at 84 cents as it said its New Zealand media properties were under strategic review and flagged a fall in first half net profit.
Pallets supplier Brambles was 15 cents higher at $7.40 as it said it was on track to meet its full year profit target, after unveiling a 33 per cent rise in its latest sales results.
The release of employment data in the US overnight might affect trading on Thursday, Mr Waterer said.
National turnover was 2.16 billion shares worth $4.75 billion, with 514 stocks up, 498 down and 406 steady.
