Outside of BHP, the market presented a mixed bag for investors.

Consumer staples rose a percentage point, with Woolworths, Coles and Endeavour Group all finishing higher.

Woodside Energy lost 1.81 per cent as energy stocks suffered following news from China, the world’s second-largest consumer of crude oil, that its central bank had cut a key interest rate.

Industrial property giant Goodman Group led a 1.14 per cent fall in the property sector, losing 1.14 per cent despite delivering robust earnings.

“We’ve had an extremely volatile year, from increasing inflation, increasing interest rates, war in Ukraine, but the market is only down 4 per cent year to date, and has really rallied since [mid] June,” Hannah said.

Investors were also reacting to minutes from the RBA’s August monetary policy meeting, where they lifted interest rates by half a percentage point to 1.85 per cent.

Financial services firm Challenger plunged 10.11 per cent to $6.40 after the company reported a loss in its recently purchased banking arm and launched a review of this part of the business.

Challenger, which bought a bank from Catholic Super in late 2020 for $35 million, said on Tuesday the banking unit had made a loss of $11 million because of regulatory and integration expenses. It has appointed Gresham Partners to help with a review into the bank’s future.

The local sharemarket’s performance built on gains on Wall Street overnight: US stocks bounced back from an early slide and closed higher on Monday, extending that market’s recent winning ways as investors looked ahead to trading updates from retailers this week.

The S&P 500 rose 0.4 per cent after having been down 0.5 per cent early in the session.