Australian shares rose to a two-week high on Tuesday, led by gains in heavyweight financials, after the S&P 500 scaled a second straight record high close overnight.
The S&P/ASX 200 index climbed 0.6% to 7,520.60 by 0041 GMT, hitting its highest since Jan. 9.
The benchmark ended 0.8% higher on Monday.
Global equities rose overnight after the S&P 500 marked a second straight record high as tech stocks added to recent gains.
Investors across the globe are awaiting this week personal consumption expenditure index data and an advance fourth-quarter gross domestic product print from the United States for possible clues on the Federal Reserve’s next policy decision.
Meanwhile, the Bank of Japan is expected to retain its ultra-easy monetary settings at the end of its policy meeting later in the day.
In Sydney, financials rose as much as 1% to hit the highest level since April 2022. National Australia Bank advanced as much as 1.1% to hit its highest level since Feb. 9, while the remaining “Big Four” banks added between 0.7% and 1%.
Mining stocks climbed 0.5%, with sector majors BHP and Fortescue up 0.6% and 0.5%, respectively.
Energy stocks rose 0.2% as oil prices soared on concerns over global energy supplies. Local investors are also awaiting production updates this week from oil and gas majors Woodside Energy and Santos , and mining giant Fortescue.
Technology stocks edged 0.8% higher and healthcare stocks climbed 1.5%.
Gold stocks skidded 0.2%.
Australian shares rise as tech, financials lift sentiment
Among individual stocks, Karoon Energy fell as much as 8.1% after the company cut its annual production forecast.
Liontown Resources fell as much as 5.9%, extending losses after a more than 21% drop on Monday when the company flagged a potential delay to the expansion of its flagship lithium project.
In New Zealand, the benchmark S&P/NZX 50 index rose 0.5% to 11,739.59.
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