Australian shares edge up to 10-year highs

Australian shares rose to 10-year highs on Tuesday, helped by firmer financials and as miners found support on solid commodity prices after China issued new curbs on steel production.

The S&P/ASX 200 index rose 0.3 per cent to 6,149.5, its strongest level in a decade. The benchmark, which rose 0.1 per cent on Monday, is on track for a fifth straight session in the black, reports Reuters.

A Wall Street rally that saw major indexes revel at record highs last week eased on Monday as healthcare and financial sectors weighed and investors took a breather ahead of earnings season.

Mathan Somasundaram, market portfolio strategist at Blue Ocean Equities, said the Australian market has opened strongly in recent sessions, buoyed by firm Wall Street leads, but sold off later in the day as investors in Asia take profits.

Mining stocks were among the biggest supporters of the index, with BHP Billiton climbing 1.4 per cent to its highest in nearly three years and Rio Tinto touching its best level in almost six-and-a-half years.

South32 surged 2.7 per cent to an all-time high, while Fortescue Metals Group and BlueScope Steel notched gains of 2.3 per cent and 1.5 per cent, respectively.

Banking stocks added to the cheer, with Commonwealth Bank of Australia rising to its highest in five months. Australia and New Zealand Banking Group advanced 0.9 per cent to a near three-week high.