The Australian share market closed higher on Tuesday but nowhere near the near seven per cent surge on Wall Street as local bank stocks wound back the earlier gains from the big miners and energy stocks.
The benchmark SP/ASX200 index was 29.7 points, or 0.84 per cent, higher at 3580, while the broader All Ordinaries gained 34.2 points, or 0.98 per cent to 3517.3.
At the close of day trading on the Sydney Futures Exchange, the June share price index contract was 51 points higher at 3604, on a volume of 29,599 contracts.
Austock Securities senior client adviser Michael Heffernan said Wall Street’s positive move prompted the gains on the local market, with oil-based stocks and the big miners the drivers.
‘We bolted out of the gate given the six per cent plus moves on Wall Street last night but it was very much a see-sawing day, certainly for some of the major bank stocks,’ Mr Heffernan told AAP.
‘The oil-based stocks along with BHP and Rio did the driving today, while the financials ran out of puff towards the end.’