The Australian share market managed a turnaround in afternoon trade to rack up a fourth successive win. Financial stocks drove the gains while the big miners also received support despite a shaky start. The All Ordinaries Index (XAO) rose by 28.2pts or 0.6pct to 4542.1 while the S&P/ASX 200 Index (XJO) gained 32.5pts or 0.7pct to 4529.9.

The financial sector was one of the strongest performers, rising 1pct. Westpac (WBC) shares added another 1.9pct to $24.15 while the Commonwealth Bank (CBA) was up 1pct to $52.60 and the ANZ (ANZ) increased by 1.3pct to $23.23. Shares in the NAB (NAB) were up 1.5pct to $25.34 while Macquarie Group (MQG) dipped 1.1pct to $38.86.

Insurers fared better following recent profit warnings. QBE Insurance (QBE) rose 1.8pct to $16.72 while IAG (IAG) was up 2.4pct to $3.43.

BHP Billiton (BHP) shares added 1.1pct to $40.20 while Rio Tinto (RIO) was up 1.4pct to $71.04. Iron ore player Fortescue Metals Group (FMG) gained 1.2pct to $4.32 despite starting the day's trade in the red. Gold miners fell. Lihir Gold (LGL) today released 2Q production numbers which rose 6pct on the previous period, in line with guidance. However LGL announced some of its costs had risen. CEO Graeme Hunt also indicated it was still possible that another suitor will come in to trump Newcrest Mining's $9.5 billion bid ahead of next month´s shareholders meeting. LGL shares lost 0.7pct to $4.06 while Newcrest Mining (NCM) was down 0.9pct to $32.78.

A weaker oil price saw the energy sector off to a bad start, however by close the sub-index had risen 0.5pct. Woodside Petroleum (WPL) shares added 0.5pct to $42.16 while Oilsearch (OSH) increased by 0.7pct to $5.97. Caltex (CTX) eased, down 1.2pct to $10.33.

Engineering and construction firm Downer EDI (DOW) rose 5.9pct to $4.82 after winning $2 billion worth of new contracts.

Telstra (TLS) shares came under pressure, down 0.9pct to $3.24, as the telco was hit with an $18.5 million fine from the ACCC for anti-competitive behaviour.

Shopping centre owner Westfield (WDC) rose 0.8pct to $12.51 after forecasting it will pay a 32c 1H distribution to shareholders.

Prime Television (PRT) rose 0.7pct to $0.74 after announcing it will sell the popular Moonlight Cinemas to Amalgamated Holdings (AHD) for $1.75 million. AHD closed steady at $5.69.

Economic data released today showed a "beautiful set of inflation figures," according to CommSec Chief Economist Craig James.

Australia's main inflation measure, the consumer price index (CPI), rose by 0.6pct in the June quarter, well below economist forecasts. The annual rate of consumer inflation rose from 2.9pct to 3.1pct, however CommSec believes it should fall back into the 2-3 per cent target band next quarter.

Today's figures indicate the Reserve Bank is likely to stay on the interest rate sidelines next month.

The Australian dollar lost ground on this assumption and at 4pm AEST was worth US89.5c. It was also buying £0.5735 and €68.81c.

On the market overall, a total of 2.05 billion shares were traded, worth $5.69 billion. 554 were up, 451 were down and 358 were unchanged.

At 4.30pm AEST on the Sydney Futures Exchange, the Share Price Index (SPI) futures contract was at 4508, up 37pts.

Ahead tonight, data on durable goods orders is released in the US. Visa, Boeing and Coca-Cola are among the big names reporting earnings.