![](https://syndicates.s3.amazonaws.com/aap/assets/2023110813110/d633ec68-c627-40b9-9ea1-967ac0d919d5.jpg)
The local share market has finished modestly higher amid a global pullback in bond yields.
The benchmark S&P/ASX200 index on Wednesday finished 18.3 points higher, or 0.26 per cent, at 6,995.4, while the broader All Ordinaries gained 21.8 points, or 0.3 per cent, to 7,198.4.
Overnight US 10-year Treasury bond yields fell to 4.55 per cent, close to a four-week low, after they climbed above five per cent for the first time since 2007 a fortnight ago.
The soaring bond yields were a major reason for October's global share market selloff, since decent returns in a low-risk asset make equities look less appealing.
A fresh auction of $US40 billion in 10-year Treasuries will take place overnight, with a $US48 billion auction of three-year notes going as expected, traders said.
Every sector except materials and energy finished higher, with tech the biggest gainer, rising 1.9 per cent as Wisetech Global climbed 2.3 per cent.
James Hardie Industries was the biggest gainer in the ASX200, rising 13.8 per cent to an almost two-year high of $46.97 as the wall and floor building cladding company announced a record-first half operating cash flow of $US459.1 million ($A714 million), up 74 per cent from a year ago.
"I believe our last three quarterly results are proof points that we are accelerating through this cycle and taking market share," CEO Aaron Erter said.
But elsewhere in the materials sector, the major miners slumped after China Mineral Resources Group - the new state-run Chinese agency set up to coordinate China's iron ore purchases - said prices had reached "unreasonable" levels and were hurting Chinese steel mills.
BHP dropped 1.9 per cent to $44.70, Fortescue fell 1.1 per cent to $23.10 and Rio Tinto slid 2.0 per cent to $119.37.
All the Big Four banks finished higher, with Westpac up 1.5 per cent to $21.65, ANZ adding 0.4 per cent to $25.56, CBA growing 0.7 per cent to $100.69 and NAB adding 0.5 per cent to $29.17 ahead of the business-focused bank's full-year results on Thursday.
Magellan Financial Group added 0.6 per cent to $6.98 as new executive chairman told its annual general meeting the fund manager had a strong balance sheet despite its two years of turmoil and was actively exploring acquisition opportunities.
"We do have a plan in place to return Magellan to growth and to turn around the company," Andrew Formica told disgruntled shareholders, acknowledging Magellan had tried their patience.
Breville grew 1.9 per cent to $23.13 as chief executive Jim Clayton told its annual general meeting the small kitchen appliance maker was so far tracking between its low-end and high-end goal posts for 2023/24.
"Period to date, it's as we expected: a challenging backdrop, but new products are performing well," Mr Clayton said.
Telstra added 1.3 per cent to $3.92 as its rival Optus suffered a massive outage to phone and internet services.
In small caps, Highfield Resources added 14.7 per cent to 39c after a feasibility study reconfirmed what it said were the compelling economics of its Muga potash project in northern Spain.
The Australian dollar was buying 64.30 US cents, from 64.33 US cents at Tuesday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Wednesday 18.3 points higher, or 0.26 per cent, at 6,995.4.
* The broader All Ordinaries gained 21.8 points, or 0.3 per cent, at 7,198.4.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.30 US cents, from 64.33 US cents at Tuesday's ASX close
* 96.89 Japanese yen, from 96.74 Japanese yen
* 60.18 Euro cents, from 60.10 Euro cents
* 52.38 British pence, from 52.22 pence
* 108.41 NZ cents, from 108.52 NZ cents.