The Australian share market has closed slightly higher, buoyed by the big miners.

Most major sectors opened higher on Wednesday after the Reserve Bank’s more upbeat assessment of the local economy, but the gains were shortlived.

Morgans adviser Alistair McCorquodale said financial stocks had weighed on the market on a mixed day.

“Most of the banks are in negative territory,” he said.

“It seems to be foreign investor driven.”

Three of the big four banks were lower, with ANZ down 13 cents to $26.87, National Australia Bank lost 19 cents to $29.91, Westpac fell three cents to $31.27 but Commonwealth Bank was 12 cents higher at $76.58.

It came after activity in China’s services sector expanded at its fastest pace in three months, thanks to stronger new business and easing concerns over persistent weakness in the economy.

The Reserve Bank of Australia on Tuesday left the official interest rate on hold at the record low of two per cent and said prospects for an improvement in economic conditions had firmed a little over recent months.

The big miners were in positive territory, with BHP Billiton 45 cents higher at $23.47, Rio Tinto added 24 cents to $50.85 and Fortescue rose three cents to $2.13.

Media companies also gained ground with Seven West Media adding 1.5 cents to 70.5 cents and Nine Entertainment up five cents to $1.60.

Building products maker CSR Holdings was one of the top performers, rising 12 cents to $3.03, after lifting its half year profit.

KEY FACTS

* At the close on Wednesday, the benchmark S&P/ASX200 index was 3.1 points, or 0.06 per cent, higher at 5,242.3.

* The broader All Ordinaries index was up 3.6 points, or 0.07 per cent, at 5,294.8.

* The December share price index futures contract was 16 points lower at 5,212, with 23,514 contracts traded.

* National turnover was 2.1 billion securities worth $5.9 billion.