Strength in the resources sector has driven the share market higher, due to optimism about China’s economy.

But the gains were tempered by investor concerns about the market’s recent surge to near six-year highs.

“It appears the approach over the last week to the post-GFC share market highs has raised investor nervousness,” CMC Markets chief market strategist Michael McCarthy said.

“The result is rotation between sectors, with selling in utilities, telcos and finance stocks funding the purchase of miners.”

After the release of better than expected manufacturing data from China on Tuesday, mining stocks had surged, Mr McCarthy said.

“Mining stocks again led the charge on the Australian share market today as investors focussed on a less pessimistic China view following yesterday’s data releases,” he said.

Alumina gained three cents to $1.26, Fortescue Metals added 15 cents to $5.46 and OZ Minerals was 14 cents higher at $3.77.

BHP Billiton added 32 cents to $37.37 and Rio Tinto gained 25 cents to $64.10.

The major banks were mixed, with National Australia Bank up 14 cents at $35.56, Westpac up three cents at $34.62 and ANZ up three cents at $33.10, but Commonwealth Bank was down 18 cents at $76.95.

Among the worst performers was bread and food products maker Goodman Fielder, which plunged 13.5 cents, or 22.1 per cent, to 47.5 cents after it said annual earnings would miss expectations by up to 15 per cent.

KEY FACTS

* At the close on Wednesday, the benchmark S&P/ASX200 index was up 14.1 points, or 0.26 per cent, at 5,403.3 points.

* The broader All Ordinaries index was up 13.9 points, or 0.26 per cent, at 5,408.8 points.

* The June share price index futures contract was 16 points higher at 5,399 points, with 23,103 contracts traded.

* National turnover was 1.7 billion securities worth $4.5 billion.