Australian shares closed higher on Thursday led by financial and tech stocks, and a rebound in US consumer confidence, while the gains were capped by losses in miners.
The S&P/ASX 200 ended 0.5% higher at 7,152.50 points.
The benchmark rose 1.3% on Wednesday.
“More than the global macroeconomic factors, how regional economies and individual companies perform during the near to medium term is finally shaping sentiments during the last month of 2022,” said Kunal Sawhney, chief executive officer of Kalkine Group.
Several positive factors are at play in the Australian market, including the upbeat US consumer sentiment report, said Sawhney.
US consumer confidence rose to an eight-month high in December as inflation retreated and the labour market remained strong.
Back home, financials advanced 0.6% and led gains on the local bourse.
The sub-index marked its best session in more than a week.
Commonwealth Bank of Australia and National Australia Bank rose 0.9% each.
Technology stocks followed their Wall Street peers as they gained 1.4%, with WiseTech Global and Xero advancing 1.5% and 1.6%, respectively.
Australian shares see best day in over a month as gold stocks shine
Bucking the trend, miners shed 0.2% after coking coal futures in China held firm in the absence of any major progress regarding shipments from Australia after discussions over trade blockages. Global miners BHP Group and Rio Tinto fell 0.2% and 0.3%, respectively. Gold stocks retreated 0.8%.
Australia’s largest gold miner Newcrest Mining dropped 1.1%, while Northern Star Resources closed 0.8% lower.
Software firm ReadyTech Holdings slid up to 11.2%, marking its worst day since April, 2020 after Pacific Equity Partners withdrew its updated buyout offer of A$4.50 per share for the company and said it was working on a new proposal.
New Zealand’s benchmark S&P/NZX 50 ended 0.6% higher at 11,523.96 and recorded its best session since Dec. 13.
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