Aussie shares creep higher, set for fourth day of gains

The local share market’s unbroken streak in the new year is looking set to continue, with the bourse modestly in the green, while the Aussie dollar has hit a nearly three-week high.

Near noon AEDT on Tuesday, the benchmark S&P/ASX200 index was up 17.7 points, or 0.21 per cent, to 8,275.2, while the broader All Ordinaries had climbed 7.9 points, or 0.09 per cent, to 8,524.4.

Late Tuesday morning the Australian Bureau of Statistics reported that building approvals fell 3.6 per cent in November, weaker than the expected 1.0 per cent drop.

Seven of the ASX’s 11 sectors were higher and three were lower, with industrials flat.

Tech was the biggest mover, climbing 1.2 per cent as Nextdc climbed 2.4 per cent and Xero added 1.5 per cent.

Fortescue was the biggest loser in the ASX200 at midday, down 3.1 per cent to a three-month low of $17.48.

Elsewhere in the mining sector, BHP was down 0.6 per cent, Rio Tinto had fallen 0.5 per cent but South32 had grown 0.3 per cent.

The big four banks were mixed in quiet trading, with CBA the biggest mover with a 0.3 per cent gain.

ANZ was up 0.2 per cent, Westpac had dipped 0.1 per cent and NAB was flat.

IAG had fallen 2.3 per cent after the insurance giant announced it had purchased $10 billion in reinsurance to protect itself from two major catastrophes.

The Australian dollar had climbed further against its US counterpart, buying 62.46 US cents, from 62.22 US cents late Monday afternoon.

Earlier in the day the Aussie had hit 62.54 US cents, its highest level since its December 19 slide prompted by a hawkish pivot by the US Federal Reserve.