The Australian share market lost steam throughout the afternoon session to close slightly higher as gains in health care, resource and banking stocks offset losses in Woolworths and Telstra.
The benchmark S&P ASX/200 index closed 0.17 per cent higher on Tuesday, with health care the strongest sector.
CommSec market analyst Steven Daghlian said the market gains were led by the health care stocks on the back of private hopsital operator Ramsay Health Care’s better than expected annual profit.
Gains in most of the banking sector, led by Macquarie Group, and resource giants BHP Billiton and Rio Tinto, also helped support the broader market, Mr Daghlian said.
The remainder of the trading week will be dictated by a string of data out of Australia, China and the US, he said.
“Most of the attention in Australia will be on Thursday when we get an update on just how much businesses are investing and retail spending.”
The most important day for the US will be on Friday, with an update on the labour market following Federal Reserve Chair Janet’s Yellen’s recent comments, which suggested that sustained job growth could result in US interest rates going up sooner than expected.
Ramsay shares jumped $5.86, or 7.7 per cent, to $81.42 on the back of a 17 per cent jump in annual net profit $450.3 million, while biotechnology giant CSL rose $1.47 to $110.14.
Resource giant Rio Tinto rose 38 cents to $48.90, BHP Billiton gained 18 cents to $21.11 and Newcrest Mining added 44 cents to $22.97.
Investment bank Macquarie Group led the way among financial stocks, closing $1.35 higher at $80.52.
The nation’s biggest bank, Commonwealth Bank, rose 26 cents to $72.90, National Australia Bank gained five cents to $27.24 and ANZ added six cents to $26.54.
Westpac dropped 18 cents to $29.65 and was one of the worst performers among the big companies alongside Woolworths and Telstra, Mr Daghlian said.
Woolworths lost some of its recent gains, which were driven by hopes that the worst was behind the retail giant, to end 58 cents lower at $24.13.
Telstra fell four cents to $5.29.
Slater and Gordon fell 8.5 cents, or 15 per cent, to 47.5 cents after posting a $1 billion dollar full-year loss.
Online clothing retailer SurfStitch shares plunged 12.5 cents, or 54 per cent, to 10.5 cents after the company’s annual loss more than tripled to $155.3 million.
KEY FACTS:
* The benchmark S&P/ASX 200 index was up 9.1 points, or 0.17 per cent, at 5,478.3 points.
* The broader All Ordinaries index was up 12 points, or 0.22 per cent, at 5,573.5 points.
* The September share price index futures contract was up eight points at 5,459 points, with 25,350 contracts traded.
