The Australian share market is trading higher on the back of Wall Street pushing to more record levels.
On the US market on Friday, the S&P 500 index closed above 1,800 points for the first time, and the Dow Jones Industrial Average rose to another record of 16,064.77 points.
“US markets are at historically high levels, so some of that is flowing through to our market,” Invast Securities chief market analyst Peter Esho said.
But the Australian market may become “fatigued” and struggle to rally above 5,400 points, Mr Esho said.
With Wall Street set for an interrupted week due to the Thanksgiving holiday, the Australian market may lack much drive, he said.
Both the US and Australian stock markets were looking pretty expensive at the moment, with prices above earnings expectations, Mr Esho added.
Among the major banks, Westpac had gained 13 cents to $32.63, ANZ had climbed 19 cents to $31.87, Commonwealth Bank was up 16 cents at $76.65 and National Australia Bank was 21 cents higher at $34.13.
In the resources sector, mining giant BHP Billiton was up eight cents at $37.91, Rio Tinto had added 14 cents to $65.42 and Fortescue Metals was three cents higher at $5.81.
Takeover target Warrnambool Cheese and Butter was 21 cents richer at $9.26 after Canadian dairy giant Saputo said it would lift its takeover offer to $9.20 per Warrnambool share if it attains a stake of more than 50 per cent.
Rival bidder Bega Cheese was down four cents at $4.67.
KEY FACTS
* At 1205 AEDT on Monday, the benchmark S&P/ASX200 index was up 30.1 points, or 0.56 per cent, at 5,366 points.
* The broader All Ordinaries index was up 29.7 points, or 0.56 per cent, at 5,360 points.
* The December share price index futures contract was 32 points higher at 5,381 points, with 10,614 contracts traded.
* National turnover was 569 million securities worth $1.03 billion.
