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The Australian share market closed marginally higher ahead of key earnings reports by heavyweights BHP Billiton, Rio Tinto and Commonwealth Bank later in the week.
At 1615 AEDT, the benchmark SP/ASX200 index was up 7.3 points, or 0.16 per cent, at 4,521.4, while the broader All Ordinaries index firmed 6.3 points, or 0.14 per cent, to 4,538.8.
On the Sydney Futures Exchange, the March share price index contract was eight points higher at 4,483 on volume of 32,164 contracts.
Bell Potter Securities Ltd senior client adviser Stuart Smith said the market was awaiting earnings results of BHP Billiton and Commonwealth Bank on Wednesday, followed by Rio Tinto on Thursday.
We've had no guidance to the negative for the upcoming (earnings) season, so Wednesday will tell the tale, he said.
He said both major indices had formed a double-top charting pattern and were clinging to the 4,500-point value line.
We've got a double-top in the market - the first one in October and the next one in January.
The PE (price to earnings) value line at that level is a touch under 14 times historically, so I think that is a level fund managers will observe.
Westpac outshone the other major banks, jumping 64 cents, or 2.83 per cent, to $23.25 following an announcement by Treasurer Wayne Swan on Sunday that the federal government would wind back its wholesale funding guarantee for local lenders.
Westpac got in early and raised their funds, Mr Smith said.
Commonwealth Bank firmed 10 cents, or 0.19 per cent, to $52.77, National Australia Bank (NAB) gained 16 cents, or 0.63 per cent, to $25.47 and ANZ Banking Group added seven cents, or 0.33 per cent, to $20.97.
Wealth manager and insurer AMP put on 10 cents to $6.25 after confirming its exclusitivity agreement with AXA SA had lapsed, leaving rival predator NAB to seek AXA SA's agreement to acquire AXA Asia Pacific Holdings (AXA APH).
AXA APH's stock closed steady at $6.45.
BHP Billiton rose five cents to $39.60 and Rio Tinto gained 58 cents to $67.18.
