The Australian market has closed at a fresh four-year high as gains by financial stocks offset falls by the big miners.

At close on Wednesday, the benchmark S&P/ASX200 index had lifted 16.8 points, or 0.33 per cent, to 5,098.7 points, while the broader All Ordinaries index added 14 points, or 0.27 per cent, to 5,115 points.

On the ASX 24, the March share price index futures contract was up 15 points at 5,075 points, with 30,318 contracts traded, according to preliminary calculations.

CMC Markets senior trader Tim Waterer said although there were no outstanding Australian earnings results on Wednesday, there was nothing in the latest batch to dissuade investors.

“The result is that ASX200 forward progression is maintained,” he said.

“Materials sector weakness was offset by financial sector strength with the key banking stocks continuing their run of form.

“Overall, stocks continue to saunter higher in the absence of negative headlines.”

BHP Billiton shares fell 35 cents to $38.65 after a 58 per cent fall in first half profit due to lower commodity prices, a weak US dollar and sale of some business.

Chief executive Marius Kloppers is to step down and be replaced on May 10 by Andrew Mackenzie, the 56-year-old Scottish head of the BHP’s metals business.

Iron ore miner Fortescue Metals Group’s first half profit dropped 40 per cent because of weaker ore prices, and its shares dropped 26 cents, or 5.02 per cent, to $4.92.

Rio Tinto shares also fell $1.12, or 1.59 per cent, to $69.39.

The four major banks all made gains. Commonwealth Bank surged 80 cents to $66.85, ANZ jumped 21 cents to $28.74, National Australia Bank gained 39 cents to $30.56 and Westpac added five cents to $30.35.

Wall Street closed firmer overnight on Tuesday, with the Dow Jones Industrial Average gaining 53.99 points, 0.39 per cent, to 14,035.75, its best level since October 12, 2007.

National turnover was 1.93 billion securities worth $6.17 billion, with 470 stocks up, 531 down and 343 unchanged.