Australian sharemarket breaks through 6000 for first time since 2008

Australian shares rose on Tuesday to a near 10-year high, breaching the psychologically important 6000-point level, tracking global moves in equity markets.

The benchmark S&P/ASX 200 rose 0.81 per cent, or 48.42 points, to 6,002.20, its highest level since February, 2008.

After breaking through, it immediately retreated below 6000. At around 1:10pm, it is trading at 5998.50 points.

The benchmark has increased nearly 6 per cent so far this year, and is on track for a second year of gains.

"We are at a stage where although 6,000 is a psychological level, it is defined mainly by the valuations, which are quite stretched," said Mathan Somasundaram, market portfolio strategist at Blue Ocean Equities.

The positive start was expected after the lead from Wall Street and gains in oil prices overnight, Macquarie Wealth Management division director Martin Lakos said.

"The Australian market is playing catch-up with the gains in the overseas markets," he said.

Miners were one of the main forces behind the push,after a strong session for oil and iron ore overnight.

BHP climbed 2.9 per cent, Rio Tinto rose 2.2 per cent,. Newcrest advanced 2 per cent and Fortescue rose 4.1 per cent.

Energy firms were also on the move, with Woodside up 2.3 per cent, Santos up 2.5 per cent and Origin up 1.6 per cent.

Banks were also supporting the benchmark, with CBA up 0.5 per cent, ANZ higher by 0.7 per cent, NAB advancing 0.4 per cent. Westpac couldn't join in with the gains, however, trading flat.

Macquarie was losing more ground, with the lender declining 1.3 per cent.

Wires