Stronger commodities prices have driven the Australian share market higher, with large gains among the big miners and energy players.
Morgans senior client adviser Alistair McCorquodale said overnight oil price gains had helped lift the local market.
“That was the main driver,” Mr McCorquodale said.
“That helped BHP and the oil stocks.”
Brent futures were trading at $US35.97 a barrel, up 2.48 per cent, from their previous close after Saudi Arabia said it would work with other oil producers to limit oil market volatility.
Aluminium hit a four-and-a-half-month high and copper has trimmed losses after top metals consumer China cut its reserve ratio for banks in an effort to revive flagging growth.
Gold rose one per cent, boosted by lower equities and weak US data.
Mining giant BHP Billiton was 46 cents higher at $16.03, Rio Tinto lifted $1.07 to $41.35 and Fortescue Metals Group added 13 cents to $2.17.
Santos rose 12 cents to $3.42 and Origin Energy lifted 16 cents to $4.59.
The banks also performed well, with best performer ANZ up 67 cents to $23.07, Westpac rose 72 cents to $29.47, Commonwealth Bank added $1.27 to $71.41 and National Australia Bank rose 49 cents to $24.68.
Telstra was down 25 cents to $5.00 after going ex dividend.
KEY FACTS:
* At the close on Tuesday, the benchmark S&P/ASX200 index was 41.4 points, or 0.85 per cent, higher at 4,922.3.
* The broader All Ordinaries index was up 41.7 points, or 0.84 per cent, at 4,989.6.
* The March share price index futures contract was 34 points higher at 4,907, with 39,173 contracts traded.
* The price of gold in Sydney at 1700 AEDT was $US1,244.20 per fine ounce, up $US16.10 on Monday’s price of $US1,228.10.
* National turnover was 2.8 billion securities traded, worth $6.4 billion.
