The Australian share market has finished higher despite losing much of its early morning gains as investors nervously wait for key Chinese economic data.
After a two per cent fall on Monday, the local market opened more than one per cent higher following a positive session on Wall Street overnight.
Higher oil prices drove energy stocks up but those gains, along with wider market gains, steadily shrunk in afternoon trade.
Investors have taken advantage of the higher prices and sold off before the release of key Chinese manufacturing data, Australian Stock Report head of research Chris Conway said.
“On the back of positive leads from the overnight session, a lot of investors have taken the opportunity to sell into those higher prices,” he said.
“They are squaring-off their positions at a good price ahead of the Chinese data as many are still uncertain about global growth.”
China’s flash Caixin purchasing managers’ index for September, due on Wednesday, will reveal key manufacturing data.
Oil and gas producer Woodside Petroleum added 82 cents at $29.65, Santos 21 cents to $4.99, while Oil Search gained 32 cents at $7.80.
Global miner BHP Billiton was up one cent at $23.86, Rio Tinto weakened 59 cents to $49.19, and Fortescue Metals was down six cents at $1.915.
Coal miner New Hope was up nearly six per cent, or nine cents, at $1.70 after it flagged acquisitions despite posting a $22 million annual loss.
Among the major banks, Commonwealth Bank gained 18 cents at $73.80, National Australia Bank rose four cents to $30.51, Westpac added 26 cents to $31.11, and ANZ climbed 11 cents to $27.83.
TPG Telecom was down 48 cents at $10 despite delivering a 31 per cent rise in full year net profit.
KEY FACTS
* At 1615 AEST on Tuesday, the benchmark S&P/ASX200 index was up 37.4 points, or 0.74 per cent, at 5,103.6 points.
* The broader All Ordinaries index was up 34.4 points, or 0.67 per cent, at 5,130.8 points.
* The December share price index futures contract was up 32 points at 5,092 points, with 25,893 contracts traded.
* National turnover was 1.29 billion securities worth $3.5 billion.
