Australian market finishes higher as DPRK fears ease

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The Australian stock market ended higher on Tuesday as global indexes recovered from last week's geopolitical uncertainty. The market appeared to follow Wall Street's positive lead and opened comfortably higher as concern over the DPRK fades.

All key international markets, including Japan's, lifted in the offshore session as fears over the tension between the US and DPRK dissipated.

Financials were the strongest performer on the day and although most sectors posted gains, a dip in oil prices hurt the energy sector and mining stocks.

At the close of trade, the benchmark S&P ASX/200 index was up 27.10 points or 0.47 percent at 5,757.50, while the broader All Ordinaries were up 25.40 points or 0.44 percent at 5,804.00.

AFP Photo

Among individual shares, Domino's was trounced after the pizza chain announced it missed its own full-year profit and global growth target.

The Commonwealth Bank edged lower at 0.07 percent, Westpac Bank rose 0.66 percent, ANZ jumped 1.29 percent and National Australia Bank gained 0.59 percent.

BHP slipped 0.16 percent, Rio Tinto sank 0.95 percent, Fortescue Metals dived 1.80 percent and Newcrest Mining fell 0.19 percent. Woodside Petroleum fell 0.31 percent, Santos slumped 2.09 percent and Oil Search dropped 1.08 percent.

The Australian market closed higher on Monday after weak US inflation figures dampened prospects that the US Federal Reserve and other central banks will raise interest rates later this year. Meanwhile, the Australian dollar is down against the US dollar, which has lifted amid fading concern over the DPRK.

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