The market got off to a strong start today, but was pushed back and forth by the finance sector - some banks moving in and out of positive territory.

At a basic level though we saw funds rotating out of defensive plays and into riskier assets for much of the session.

The lead into the session was encouraging. Economic news from the US was positive, European banking results were solid and commodities markets were higher. Given we had already priced some of last night's gains late in yesterday's session; the market had few places to go after the initial run-up this morning.

We also had a fairly ordinary read on retail sales which may have contributed to a pull back in the Aussie dollar and equity market shortly before midday.

The Reserve Bank decided to keep the cash rate unchanged this afternoon at 4.5 per cent. I didn't read anything in the statement that would suggest they would be tightening any time soon. It's clear the domestic economy warrants a neutral stance on policy while the global economic outlook remains uncertain.

Hills Industries was a standout today after the company revealed its earnings had more than quadrupled. This is a solid, well diversified business. It says much of the gains came from its home improvement business this time around. Shares gained over 10 per cent during the session.