Market players took cues from gains on Wall Street, with the S&P/ASX 200 index opening higher thanks to strength in material and banking stocks.

The market hit an intraday high of 4950.8 points just prior to midday.

While momentum slowed, the index still managed to finish up 0.4% or 19.7 points to 4901.4 points, while the broader All Ordinaries also firmed 0.4% to 4885.4 points.

The latest consumer confidence survey from the Westpac Melbourne Institute revealed optimistic sentiment was gaining on the pessimists.

The consumer index for July edged 0.1% lower from 102.2 in June.

“Views on the outlook for the economy improved with the sub-index tracking consumers’ expectations for economic conditions over the next five years surging 9.2% to be well above the average level recorded over the last two years,” Westpac senior economist Matthew Hassan said.

The miners stayed in positive territory this week, with iron ore companies performing well despite Chinese data revealing the country’s exports and imports fell in June, adding to concerns of a slowdown.

Fortescue Metals Group gained 0.9% to $A3.36, Atlas Iron was 1.9% higher at 79c and Gindalbie Metals lifted 3.8% to 13.5c.

Majors Rio Tinto and BHP Billiton both closed in the black, up 0.7% to $52.39 and 0.7% to $31.83 respectively.

Copper producer OZ Minerals sank 2.3% to $3.88, while Sirius Resources fell for a third straight day, down 4.4% to $1.94.

Gold stocks continued to be the sore spot among the miners. Evolution Mining dipped 5.2% to 55c and Alacer Gold Corporation slipped 3.7% to $2.36 but Resolute Mining managed a 5.4% gain to close at 59c.

Newcrest Mining posted a 2.2% jump to $9.95.

The Australian dollar was last trading slightly higher at US91.87c.