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The Australian market has climbed higher in early Thursday trade on broad-based buying in the wake of the U.S. Federal Reserves policy meeting.
In early Thursday trade, the benchmark S&P/ASX 200 index was up 19.60 points, or 0.35 percent at 5,559.30 points, while the broader All Ordinaries index was up 21.60 points, or 0.38 percent at 5,636.60 points.
While a number of funds have increased their expectations of a hike by the Fed in September, the market is still sceptical, which has seen a rally gold prices while the U.S. dollar was decimated.
The Fed are not raising anytime soon in my opinion and the pessimistic market participants have been right all along, IG chief market strategist Chris Weston said.
But macro and political concerns are continuing to be swept aside with ease, with the benchmark eyeing a move into the 5600 point handle in the near-term, Weston said.
"It must be said that this is an unprecedented run, and of course, all good things come to an end, Weston said.
But for now, the trend is higher and traders are switching between sectors - always a sign of a healthy bull market.
In early trade ANZ was up 0.23 percent, the National Australia Bank edged 0.08 percent higher however the Commonwealth Bank of Australia and Westpac slipped 0.17 percent and 0.16 percent respectively.
BHP Billiton lifted 0.33 percent, rival Rio Tinto rallied 0.79 percent and gold miner Newcrest surged 3.82 percent.
Benchmark crude hitting a new three month low however is weighing on energy with Oil Search falling 0.70 percent, Santos down 1.75 percent and Woodside Petroleum edging 0.04 percent lower.
Wesfarmers gained 0.19 percent while rival Woolworths added 0. 38 percent.
Qantas and telecommunications giant Telstra were 0.50 percent and 0.26 percent stronger respectively.
(APD)
