The local share market has gained for a second day as risk-off sentiment abates in the wake of a weekend US summit of central bankers.
The benchmark S&P/ASX200 index on Tuesday gained 50.7 points, or 0.71 per cent, to 7,210.5, while the broader All Ordinaries rose 50.5 points, or 0.69 per cent, to 7,416.4.
The rally came after a positive lead on Wall Street, where the S&P500 jumped 0.6 per cent following the Jackson Hole Symposium in Wyoming, where Fed chairman Jerome Powell reiterated that interest rates could rise again to combat inflation.
Interest rate markets priced in higher odds of a yet another Fed rate hike this year following the meeting, likely in November, but equity markets appear relieved Mr Powell didn't strike a more hawkish stance.
Naeem Aslam, chief investment officer for Zaye Capital Markets, said attention would now turn to the US non-farm payrolls report on Friday, important data for the Fed in its decision-making.
The day's gains were the 11th time in the past dozen Tuesdays that the ASX200 has climbed, with the only exception coming on July 18.
Mining and consumer discretionary shares were the biggest collective gainers, rising 1.6 and 1.4 per cent, respectively.
BHP rose 1.2 per cent to $44.09, Fortescue gained 3.2 per cent to $20.50 and Rio Tinto advanced 1.1 per cent to $109.88.
Lynas climbed 3.2 per cent to $7.17 despite the rare earth miner reporting a drop in profit after lower prices for the elements used in industrial magnets, electric cars and defence technology took a toll on its bottom line.
Wesfarmers was up for a fifth straight day, rising 3.0 per cent to a year-and-a-half high of $53.66 following enthusiasm over the Kmart and Bunnings owner's earnings report last week.
All of the Big Four retail banks finished in the green. ANZ added 0.9 per cent to $24.80, Westpac climbed 0.8 per cent to $21.55, NAB gained 0.5 per cent to $28.41 and CBA closed 0.3 per cent higher at $101.03.
Tyro Payments soared 14.7 per cent to a three-week high of $1.29 after the Eftpos machine provider posted its first year of positive cashflow since listing on the ASX in December 2019, with $5.7 million generated.
Star Entertainment Group was up 2.1 per cent to 96.5c, with the troubled casino operator posting a $2.44 billion loss after writing down the value of its Sydney, Brisbane and Gold Coast casinos by more than $2 billion.
Chief executive Robbie Cooke said consequences flowing from the damage to the group's social licence were felt daily by team members on multiple levels.
Adbri fell 14.6 per cent to $2.34 after the building material company scrapped its dividend to preserve cash to fund its Kwinana cement production site in WA, which is expected to cost between $385 million and $420 million, up from the original estimates of $200 million forecast in December 2020.
The Australian dollar was buying 64.43 US cents, from 64.09 US cents on Monday.
ON THE ASX:
* The S&P/ASX200 index finished Tuesday up 50.7 points, or 0.71 per cent, at 7,210.5.
* The All Ordinaries added 50.5 points, or 0.69 per cent, to 7,416.4.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.43 US cents, from 64.09 US cents at Monday's ASX close
* 94.36 Japanese yen, from 93.86 Japanese yen
* 59.59 Euro cents, from 59.26 Euro cents
* 51.08 British pence, from 50.93 pence
* 108.73 NZ cents, from 108.63 NZ cents.
