The Australian share market has closed slightly higher, with the big banks holding up the bourse in light trading following a weak lead from US markets
“The banks are on the number one podium step,” CMC Markets chief market strategist Michael McCarthy said.
“But there doesn’t appear to be any detectable investment theme in trading today, and turnover looks like it will be well below average.”
Mr McCarthy said it appeared that long-term investors were still on the sideline as the release of company earnings reports gathered momentum.
Among the major banks, ANZ was up 74 cents, or 2.88 per cent, at $26.44. ANZ has signalled it is cutting exposure to low-return businesses in Asia as it reported a three per cent drop in cash profit to $5.2 billion for first nine months of the financial year.
Westpac added 55 cents to $30.99, National Australia Bank gained 58 cents to $26.82, and Commonwealth Bank improved $1.21 to $78.41.
Among stocks to report on Tuesday, News Corp firmed 17 cents to $17.65 as it flagged real estate advertising as its biggest future money spinner after a fall in newspaper division earnings over the last financial year.
Toll roads operator Transurban eased 17 cents to $11.90. Transurban posted a 17.5 per cent jump in annual toll revenue from its roads in Australia and the US.
Carsales.com rose 17 cents to $12.54 after it posted a strong full-year result, with net profit rising six per cent from the previous period to more than $109 million.
Implantable hearing device maker Cochlear dropped $3.59 to $125.00 after reporting a 30 per cent improvement in annual net profit to $189 million.
In the resources sector, global miner BHP Billiton was up 11 cents at $20.59, and Rio Tinto put on 78 cents at $50.90.
Oil and gas producer Woodside Petroleum picked up 29 cents at $27.70, and Santos ascended eight cents to $4.76.
A lift in crude oil prices boosted the energy sector as speculation mounted that OPEC would restrain output.
KEY FACTS:
* At 1626 AEST on Tuesday, the benchmark S&P/ASX 200 index was up 14.7 points, or 0.27 per cent, at 5,552.5 points.
* The broader All Ordinaries index was up 11 points, or 0.2 per cent, at 5,636.7 points
* The September share price index futures contract was up nine points at 5,492 points, with 20,409 contracts traded
* National turnover was 2.84 billion securities traded, worth $5.9 billion.
