The share market closed higher as biotechnology giant CSL broke a milestone and retailers surged on good sales numbers.
CSL’s two per cent rise took its shares past the $100 benchmark for the second time in its history, and helped push the market into positive territory, Joseph Palmer & Sons private client services manager Allan Furlong said.
“The market shrugged off losses in overseas markets in a rally led by the usual suspects,” he said.
CSL gained $1.94 to $100.77, while Commonwealth Bank gained 66 cents to $88.03 and Telstra added six cents to $6.50.
Harvey Norman, Woolworths and Coles owner Wesfarmers also drove the market higher after better than expected retail trade figures for June.
Mr Furlong said the RBA’s decision to leave the cash rate at a record low of two per cent had little impact on the market.
“More in the back of people’s minds is what the US Federal Reserve has been flagging in terms of interest rates going up there, while the local reporting season will definitely be the focus now for next month,” he said.
Harvey Norman added 27 cents to $4.72, Woolworths gained 12 cents to $28.72 and Wesfarmers was 66 cents higher at $43.07.
The big miners all fell, with BHP Billiton down 28 cents at $25.90, Rio Tinto down 18 cents at $52.02 and Fortescue Metals 8.5 cents weaker at $1.775.
Insurance giant Suncorp lifted 22 cents to $14.55 after reporting a 55 per cent rise in annual profit and announcing a special dividend.
KEY FACTS:
* At the close on Tuesday, the benchmark S&P/ASX200 index was up 18.6 points, or 0.33 per cent, at 5,697.9 points.
* The broader All Ordinaries index was up 17.6 points, or 0.31 per cent, at 5,681.9 points.
* The September share price index futures contract was up 26 points at 5,639 points, with 30,332 contracts traded.
* The price of gold in Sydney at 1700 AEST was $US1,088.17 per fine ounce, down $9.23 on Monday’s price of $US1,097.40.
* National turnover was 2.09 billion securities worth $5.8 billion.
