Australian shares advanced on Wednesday, supported by upbeat performances among mining stocks, while investors awaited monetary policy decision from the US Federal Reserve for further cues on its rate hike trajectory.
The S&P/ASX 200 index was up 0.3% at 6803.30 points by 1138 GMT.
The benchmark fell 3.8% in October and posted its third consecutive monthly decline. With just two months left, the ASX 200 index is on track for a second consecutive yearly decline.
Market participants are widely expecting the US Fed to keep interest rates on hold at the end of its two-day policy meeting on Wednesday.
In Australia, investor focus will be on next week’s interest rate decision.
A stronger-than-expected third-quarter inflation data and September retail sales have raised concerns of an interest rate hike from the Reserve Bank of Australia. Local mining stocks rose 0.8%, with shares of BHP Group and Rio Tinto jumping 0.8% and 1.1%, respectively.
Australian shares gain on boost from energy, banking stocks
Energy stocks edged 0.1% higher, with Woodside Energy and Santos gaining 0.4% each.
Real estate stocks advanced 0.8% while healthcare stocks jumped 0.6%.
Keeping a cap on gains, gold stocks slid 0.7% as the bullion lost shine.
Among individual stocks, shares of Regal Partners rose up to 11.4% and were among the top gainers in the ASX Ordinaries Index after the investment manager said it would buy a 50% stake in Taurus SM Holdings, bringing its group funds under management to A$8 billion ($5.07 billion).
New Zealand’s benchmark S&P/NZX 50 index advanced 0.3% to 10,792.940 points.
Investors appeared to show scant response to data that signalled New Zealand’s September-quarter jobless rate rose to the highest in more than two years.
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