Consumer discretionary stocks buoy local share market

The benchmark S&P/ASX200 index and broader All Ordinaries both gained 0.3 per cent in Tuesday trade. (Bianca De Marchi/AAP PHOTOS)

The Australian share market has pared back gains from earlier in the day to finish up 0.3 per cent, tugged higher by consumer discretionary stocks as Premier Investments struck a deal with Myer to sell several of its fashion brands.

The benchmark S&P/ASX200 index on Tuesday advanced 27.7 points, or 0.3 per cent, to finish at 8249.2, while the broader All Ordinaries gained 27.7 points, or 0.3 per cent, to 8505.9.