Australian shares rose on Wednesday as gains in gold and mining stocks outweighed losses in energy and technology sectors, while market participants across the globe were worried that interest rates could stay higher for longer in the United States.
The S&P/ASX 200 index climbed about 0.5% to 7,160.2 by 0130 GMT, also helped by a 4.8% jump in Woolworths after the retail giant posted a rise in annual profit, even as it warned of inflationary pressures in the near term.
The benchmark index rose about 0.1% on Tuesday.
Investors are awaiting more hints on the interest rate outlook from the Jackson Hole Symposium scheduled later this week, where US Federal Reserve Chair Jerome Powell is expected to speak on the need for elevated rates for longer.
Miners jumped about 1.7%, leading gains for the day, after iron ore prices in top steel producer China recovered on Tuesday, underpinned by policy measures and rising demand from Asia’s largest economy.
Iron ore behemoths Rio Tinto, BHP Group and Fortescue Metals rose in the range of 1.1% to 1.7%.
In Sydney, gold stocks rose about 1.2%. Sector majors Newcrest Mining and Northern Star Resources advanced about 0.6% and 0.5%, respectively.
Technology stocks slumped 6.2% and were on track for their worst day since mid-June last year, with global logistics software company WiseTech Global down nearly 20% after issuing weak estimates for the fiscal year 2024.
Energy and healthcare stocks slipped about 0.2% each.
New Zealand’s benchmark S&P/NZX 50 index rose 0.4% to 11,527.9.
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