Strong earnings drive market higher
The share market is higher as investors welcome more strong corporate earnings reports.
The gains take the market close to the six-year highs it reached at the end of July, and CMC Markets analyst Ric Spooner said that was an indication of improving investor sentiment.
"If we can push on to significantly new highs, get well past the 5,644 points level, then that certainly looks like a continuing uptrend," he said.
"That in turn is something that is likely to happen because of the reporting season, if that gives it the valuation base for a drive up to new highs."
The resources sector was stronger ahead of the release of full year results from BHP Billiton later on Tuesday, with investors expecting the mining giant to announce a demerger.
BHP shares were up 41 cents at $39.56, while Rio Tinto was up 95 cents at $66.30 and Fortescue Metals was 5.5 cents higher at $4.575.
The best received earnings result for the day came from retailer Dick Smith, which beat its prospectus forecasts and tipped sales growth in the year ahead.
Dick Smith shares were up 17.5 cents at $2.17.
Steel and mining group Arrium lifted its full year profit 83 per cent, sending its shares 6.25 cents higher to 81.75 cents.
The banking sector was mixed, due to Commonwealth Bank paying out its final dividend, while NAB shares continued to fall after a disappointing quarterly trading update on Monday.
CBA was down $1.525 at $79.875, NAB was down 13 cents at $34.09, while Westpac was up 23 cents at $34.48 and ANZ had gained 18 cents to $32.73.
KEY FACTS
At 1231 AEST on Tuesday, the benchmark S&P/ASX200 index was up 25.3 points, or 0.45 per cent, at 5,612.4.
The broader All Ordinaries index was up 26.4 points, or 0.47 per cent, at 5,606.8.
The September share price index futures contract was up 44 points at 5,573 with 17,700 contracts traded.
National turnover was 1.26 billion shares worth $2.9 billion.
