The Australian share market had inched slightly higher on light turnover.
After almost hitting 6,000 points for the first time in seven years on Monday, stocks have retreated slightly with investors unwilling to push it up to that landmark.
Trading was lacking in direction, with no significant economic data or corporate news out this week or incentives to adjust portfolios ahead of next week’s Reserve Bank meeting on interest rates, said Quay Equities head of trading Tristan K’nell.
“That big push towards 6000 is probably going to be unlikely this week and maybe even next week as we head into Easter as well,” he told AAP.
There is some support for high dividend yield plays including the big banks and Telstra.
Commonwealth Bank had lifted 49 cents to $95.58, Westpac had put on 24 cents to $39.815, National Australia Bank had added 26 cents to $39.21 and ANZ had found 16 cents at $37.05.
Telstra was two cents higher at $6.40.
Global miner BHP Billiton was down seven cents to $31.15 and Rio Tinto was 22 cents weaker at $57.15 while Fortescue Metals firmed four cents to $2.05 amid a near two per cent jump in the beleaguered iron ore price.
Nufarm shares dipped 15 cents to $6.79 despite the global crop protection company lifting its first half profit by 23 per cent.
KEY FACTS
* At 1215 AEDT on Wednesday, the benchmark S&P/ASX200 index was up 4.4 points, or 0.07 per cent, at 5,973.5 points.
* The broader All Ordinaries index was up 2.7 points, or 0.05 per cent, at 5,937.2 points.
* The June share price index futures contract was up six points at 5,972 points, with 9,492 contracts traded.
* National turnover was 846.4 million securities worth $1.8 million.
