The Australian share market has closed higher for a third day ahead of another round of US-China trade talks.
The benchmark S&P/ASX200 index finished Tuesday up 29.8 points, or 0.45 per cent, to 6,593.4 points, while the broader All Ordinaries was up 27 points, or 0.4 per cent, to 6,713.7 points.
“A pretty good session,” said CommSec market analyst James Tao.
“The market is still waiting to see what will come out of two days of trade talks towards the back of the week. That’s the main focus at the moment.”
China’s Vice-Premier Liu He is leading the delegation in talks in Washington on Thursday and Friday, with days to go until US tariffs on China rise next Tuesday.
Every sector was higher on Tuesday, led by energy and consumer discretionary shares, which were both up 1.0 per cent.
Energy producers got a boost after Santos announced tests from its Dorado offshore oil field north of Port Hedland, WA, showed it was capable of producing around 30,000 barrels per day.
Santos shares rose 2.0 per cent to $7.50 while Carnarvon, which has a 20 per cent stake in the project, rose 5.3 per cent to 40 cents.
In the consumer discretionary sector Wesfarmers rose 1.1 per cent to $39.40 and KFC and Sizzler franchisor Collins Foods climbed 5.0 per cent to an all-time high of $10.44, having risen 69 per cent this year.
But Baby Bunting fell 5.9 per cent to $3.50 after chief executive Matt Spencer told investors at the company’s annual general meeting that technical issues associated with the transition to a new web platform had hurt online sales.
The big banks were all higher, led by Commonwealth, which rose 0.9 per cent to $78.60.
Westpac gained 0.2 per cent to $28.68, NAB climbed 0.6 per cent to $28.09 and ANZ rose 0.4 per cent to $27.42 after announcing another $559 million in customer remediation, taking the lender’s total over the last two years past $1.1 billion.
In the heavyweight mining sector, BHP climbed 0.7 per cent to $35.61, Rio Tinto rose 1.1 per cent to $88.58 and Fortescue Metals dropped 1.9 per cent to $8.74.
BlueScope Steel was flat at $11.66 after the Australian Competition and Consumer Commission said it wouldn’t charge the steel producer with criminal cartel conduct, although a former employee is being charged with obstructing its price-fixing investigation.
Buy now pay-later company Zip Co rose 7.5 to a new all-time high of $5.19, having risen 370 per cent this year.
Stavely Minerals rose 13.1 per cent to $1.25 after announcing more drilling assay results from its high-grade copper-silver discovery at its Thursday’s Gossan prospect in western Victoria.
The Aussie dollar is buying 67.51 US cents, down from 67.48 US cents on Monday.
ON THE ASX:
* The benchmark S&P/ASX200 index closed up 29.8 points, or 0.45 per cent, at 6,593.4 points.
* The All Ordinaries closed up 27 points, or 0.4 per cent, to 6,713.7 points.
* At 1637 AEST the SPI200 futures index was up 26 points, or 0.4 per cent, to 6,566.
CURRENCY SNAPSHOT AT 1630 AEST
One Australian dollar buys:
* 67.51 US cents, from 67.48 US cents on Monday
* 72.50 Japanese yen, from 72.11
* 61.49 euro cents, from 61.47 cents
* 54.91 British pence, from 54.75 pence
* 106.82 NZ cents, from 106.87 cents.