The Australian share market closed higher as cautious investors searched for higher yielding and defensive stocks.
IG market analyst Stan Shamu said uncertainty was driving the market, with mixed results throughout different sectors.
“Investors are flocking to the defensive sectors and there’s a push towards yield plays,” Mr Shamu said.
“Uncertainty is the theme as health care stocks push higher. There are really no positive drivers though as portfolios are rebalanced.”
He said local data continued to disappoint as the outlook for the global economy remained uncertain.
Locally, home loans approved in April rose 0.8 per cent, well below market expectations of the two per cent rise.
Business confidence in Australia remained poor in May, according to the National Australia Bank’s monthly survey released on Tuesday.
It came after industrial production, retail sales and trade balance figures in China were mixed and sent commodities prices down.
In Australia health care stocks closed two per cent higher, with Ramsay Health Care shares up 3.7 per cent at $35.33.
Consumer staple Wesfarmers closed five cents higher at $37.86 while Woolworths slipped one cent to $31.99.
The big miners were mixed, with BHP Billiton finishing one cent higher at $33.10 and Rio Tinto down 20 cents to $53.00.
The banks were all higher with National Australia Bank up five cents at $28.40, ANZ shares put on 18 cents to $26.88, Commonwealth Bank had gained 38 cents to $65.40 and Westpac was 21 cents higher at $27.81.
Helping keep the overall market in the black were energy stocks, including Woodside Petroleum, up 45 cents to $35.38 and Santos, 19 cents, or, 1.5 per cent, higher at $12.64.
KEY FACTS
* At the close on Tuesday, the benchmark S&P/ASX200 index was 19.4 points, or 0.41 per cent, higher at 4,757.1.
* The broader All Ordinaries index was up 19.6 points, or 0.41 per cent, at 4,748.9.
* The June share price index futures contract was 34 points lower at 4,763, with 22,628 contracts traded.
* The spot price of gold in Sydney finished at $US1382.60 per fine ounce, down $US29.2 from Friday’s closing price of $US1411.80 per ounce.
* National turnover was 1.4 billion securities worth $4.6 billion.
