THE Australian sharemarket has hit a three-month high, with investors buoyed by positive local earnings performances and potential stimulus measures in Japan. At the close today, the benchmark S&P/ASX200 index was up 49 points, or 0.96 per cent, at 5157.7. The broader All Ordinaries index was up 47.5 points, or 0.93 per cent, at 5141.6. Every sector of the market was higher, with the exception of utilities companies. The health sector was the best performer, gaining almost 3 per cent. Expectations of a corporate tax cut by the Japanese government had boosted investor sentiment, as it comes on top of large share market gains there already this year, CMC Markets senior trader Ric Spooner said. Good revenue and cost cutting performances from a range of companies, including JB Hi-Fi, Telstra, Rio Tinto and Resmed, had also helped the market, he said. But many more companies are yet to report their financial results for the 2012/13 financial year, Mr Spooner warned. "The third thing we've got is what is perceived as a reasonable risk of lower interest rates in Australia, which is driving people into equities and yields," he said. Medical services group Primary Health Care was among the best of the top 100 ASX stocks, adding 26c, or 5.2 per cent, to $5.29 ahead of its full year earnings result due for release tomorrow. Mining services company Bradken performed even better, with its shares gaining 65c, or 12.4 per cent, to $5.89 after it posted a fall in profit but flagged more job losses to cut costs. Stronger iron ore prices helped boost the big miners, with BHP Billiton up 15c to $36.96, Rio Tinto up 79c to $62.62, while Fortescue Metals recovered from early losses to gain 1c to $4.32. The banks also rose, with the big four adding between 0.3 per cent and 1.2 per cent in value. One stock to fall was property developer Stockland, losing 11c to $3.70 after its profit fell almost 80 per cent due to weakness in the housing market and a major writedown. The September share price index futures contract was 56 points higher at 5116 points, with 30,152 contracts traded. National turnover was 1.8 billion securities worth $4.8 billion.