And sure enough, many of the most-widely-held shares are showing very little movement: BHP Billiton is up 0.1%, NAB and ANZ are down 0.1% each, Telstra is up 0.1%, and so forth.
Even construction-materials firms Boral and CSR, which are making news with plans to team up in a new brick-making joint venture, aren’t seeing too much of a bang for their shares, with with CSR rising 0.1% and Boral with a more substantial 0.6% advance.
Of course, some names are seeing more sizable moves: Aluminum prices hit a four-month high overnight, sending shares of Alumina … down 1.2% to undo their 0.8% advance in the previous session.
Also showing some life: Uranium miner Paladin Energy is up 3.8%, Billabong is up 1.9%, and Fairfax Media is up 2.4%.
The Australian market has tracked steadily higher ever since hitting support levels at 5,300 point mid-March. This run looks sustainable in the near term, as buying momentum across the Big Four banks gains traction and the big miners recover from recent China slowdown fear driven selling.