The Australian market has closed higher after a volatile day of trading due to the impending federal budget.
RBS Morgans private client adviser Craig Walker said the local market had been all over the place in anticipation of the federal budget on Tuesday night.
“There’s a few rumours flying around about how that budget might affect different sectors,” he said.
“The main one that will come into question is healthcare and any possible changes that may be made to superannuation.”
Primary Health Care shares fell four cents to $5.03 after news that the federal government was tipped to place an indexation freeze on Medicare payments to doctors.
The resources sector closed mixed. BHP Billiton gained 12 cents to $34.67 and Rio Tinto lost four cents to $57.55.
Iron ore miner Fortescue Mining tumbled nine cents to $3.74.
Gold stocks were weak, with Newcrest taking a 41 cent dive to $16.33.
The major banks also had a mixed day.
ANZ dived 20 cents to $29.89, National Australia Bank lost eight cents to $33.10 and Westpac declined five cents to $31.75.
However, Commonwealth Bank surged 95 cents to $72.09.
Macmahon Holdings’ shares shot up 4.5 cents, or 25.71 per cent, to 22 cents after the mining services company detailed positive growth in a “changing and challenging environment”.
KEY FACTS
* At the close on Tuesday, the benchmark S&P/ASX200 index was up 10.7 points, or 0.21 per cent, at 5,221 points.
* The broader All Ordinaries index was 7.7 points, or 0.15 per cent, stronger at 5,202.5.
* The June share price index futures contract was 23 points higher at 5,229 with 17,612 contracts traded.
* National turnover was 1.72 billion securities worth $4.97 billion.
