The share market has edged higher despite weaker commodity prices and falls on other major markets.
Gains by the major banks helped to offset falls by the big miners, while the remaining market sectors were relatively mixed.
Trading volumes were light as investors wait for the US Federal Reserve’s Federal Open Market Committee’s interest rate decision on Thursday morning, Australian time.
“We are not only going to be getting an interest rate decision from the US, but we will also get new projections on the US economy,” Bell Direct equities analyst Julia Lee said.
“It is a big meeting for markets and the outcome will provide clarity on the outlook for investor markets across the globe.”
Ms Lee said investors were currently divided on whether the US Fed will continue raising interest rates in 2016.
“There are two camps, one which doesn’t believe the US will raise interest rates aggressively in 2016 and the other which says equity markets are underestimating the Fed’s capacity to raise rates,” she said.
After a fall in iron ore prices, Rio Tinto dropped 28 cents to $42.69, BHP Billiton shed 25 cents to $16.88 and Fortescue Metals was 11 cents weaker at $2.43.
All the big banks finished higher, with NAB up 29 cents at $28.08, ANZ up 20 cents at $25.59, Commonwealth Bank up 59 cents at $76.04 and Westpac 19 cents stronger at $32.49.
Telstra edged one cent higher to $5.30.
KEY FACTS:
* At the close on Wednesday, the benchmark S&P/ASX200 index was up 7.6 points, or 0.15 per cent, lower at 5,119.
* The broader All Ordinaries index was up 7.1 points, or 0.14 per cent, at 5,175.7.
* The March share price index futures contract was 21 points higher 5,126, with 105,633 contracts traded.
* The price of gold in Sydney at 1700 AEDT was $US1,232.70 per fine ounce, up $US4.50 on Tuesday’s price of US$1,228.20.
* National turnover was 3.0 billion securities traded, worth $5.4 billion.
