The Australian share market has closed broadly steady as cautious investors await the next trigger to determine the direction of the market.

The benchmark S&P/ASX 200 index finished just 0.08 per cent higher, losing much of its early morning strength, as gains in mining and energy heavyweights helped offset a listless day for banks.

“The market sentiment is reflected in the close – reasonably positive but no imperative to take action for now,” CMC Markets chief analyst Ric Spooner said.

“The US market was shut so there wasn’t much on the macro front. Investors will get a look at Chinese trade data and also the US Fed minutes on Thursday. Until then its steady as she goes.”

In the local market, the overnight firmness in oil and commodities prices was reflected in gains for sector stocks.

Resource giants BHP Billiton and Rio Tinto rose 40 cents to $23.80 and $1.09 to $53.20, respectively. Fortescue shares also climbed 15 cents to $5.18.

Among energy shares, Woodside Petroleum lifted 21 cents to $30.05, Santos added 15 cents at $3.94, while Oil Search gained 25 cents to $7.65.

That helped to offset a generally poor day for financial stocks. Shares of the four major banks closed one to 11 cents lower, while investment bank Macquarie Group also lost 48 cents to $83.45.

Shares in Telstra closed two cents lower at $5.05, despite chairman John Mullen trying to reassure shareholders at the company’s annual general meeting over the state of the company’s networks.

KEY FACTS:

* The benchmark S&P/ASX 200 index was up 4.4 points, or 0.08 per cent, at 5,479.8 points.

* The broader All Ordinaries index rose 6.7 points, or 0.12 per cent, at 5,562.2 points.

* The December share price index futures contract rose five points at 5,465 points, with 24,520 contracts traded.

* National turnover was 2.56 billion securities traded, worth $5.66 billion.