Miners And Banks Help Prop Up Aust Shares

The Australian sharemarket has ended modestly higher as gains by mining stocks and the banking sector outweighed declines by consumer staples and tech stocks.

The benchmark S&P-ASX 200 index finished Wednesday up 23.9 points to 6638 points, while the all ordinaries closed up 24.1 points to 6752.1.

“We’re sort of hanging on for dear life,” said Pepperstone head of research Chris Weston.

The Australian market is trading at a 16.6 times forward earnings, its highest multiple in years, and without something more to propel it further there’s a chance of a significant downside move, Mr Weston said.