Sentiments remained supported for the Australian stocks today amid positive overnight cues and the recent recovery in crude oil prices. The market ended higher for a second straight session, hitting near about its one month high as trade talks between the US and China continued. The S&P/ASX 200 Index added 0.7% to close at 5722.4, while the broader All Ordinaries also rose 0.7%, to 5783.3.
In the initial trades, there was some cautiousness in the market on selling pressure in leading banking stocks. However, positive cues from other Asian markets supported the sentiments. Asian markets mostly rose on optimism about the trade talks between China and the US. Overnight cues from the Wall Street provided positive leads as well. The US stocks extended Friday's surge.
On the economic front, Australia's trade surplus narrowed in November on lower coal exports. The $1.9 billion trade surplus marked the country's eleventh straight trade surplus, with exports up 1% to $38.4 billion and imports rising 2% to $36.5 billion, Australian Bureau of Statistics seasonally-adjusted data showed on Tuesday.