The Australian dollar is back below 88 US cents following interest rate hikes in Turkey and South Africa and the US Federal Reserve's tapering announcement.
Large companies dominated the initial public offering market in 2013, with 96 per cent of all funds raised coming from companies with a market capitalisation of more than $100 million.
The share market has closed higher after the central banks of India and Turkey lifted interest rates to counter a sell-off in their currencies and ease investors' concerns about the stability of emerging markets.
Australian shares are firmer, despite bank stocks being mixed as investors remain anxious ahead of the US central bank's expected decision to keep tapering its stimulus measures.
US stocks have finished solidly higher following a mixed bag of economic data and earnings reports, snapping a five-day losing streak for the Dow Jones Industrial Average.
The Australian share market clawed back some of its earlier losses but still closed lower on Tuesday on the back of investor concern over emerging markets.
US stocks ended Tuesday in mixed fashion after a stream of generally lacklustre earnings reports and a modest upgrade to the International Monetary Fund's economic forecast.
The Australian share market shook off a negative start to finish higher on Tuesday as strength among the major banks outweighed weakness in the resources sector.
The Australian dollar has hit fresh three-and-a-half-year lows amid concerns over China's shadow banking sector and growing strength in the US economy.
