The local share market has lifted for the tenth time in 11 trading days despite a quiet session in the US as investors await the release of inflation data.

The benchmark S&P/ASX200 index on Wednesday closed up 34 points, or 0.5 per cent, to a five-week high of 7,343.9, while the All Ordinaries finished 34.7 points higher, or 0.5 per cent, to 7,538.9.

Wall Street had a mixed trading session overnight as investors mostly kept to the sidelines ahead of the release of the country’s inflation data, which could pave the way for the Federal Reserve to hike interest rates.

Strong gains in the materials and tech sectors further consolidated the rises back home.

The Australian dollar was buying 66.65 US cents at Wednesday’s close, down from 66.69 US cents on Tuesday.

William Ton
(Australian Associated Press)