Australian shares snapped a three-day losing streak on Tuesday, with miners and energy companies leading the gains on strong underlying commodity prices. The S&P/ASX 200 index rose 0.5% to 8,228.9 points by 2335 GMT.
The benchmark had closed 1.2% lower on Monday.
Heavyweight miners gained 0.8%, the highest since Dec. 18, 2024, after iron ore prices hit more than two-week high as revived hopes of more stimulus from top buyer China boosted sentiment.
Sector major BHP added 0.9%, while smaller peer Rio Tinto gained 1%.
Energy stocks extended their gains from Monday to jump 0.8%, boosted by rising global oil prices on expectations that wider US sanctions on Russian oil would force buyers in India and China to seek other suppliers.
The sub-index hit the highest since Oct. 17, 2024, with Woodside Energy rising 0.8%.
Brent crude futures edged up 1.43% to $80.90 a barrel, while US West Texas Intermediate (WTI) crude shed 0.01% to $78.81 per barrel.
Financials also busted a three-session losing run to rise 0.3%.
Australian shares fall as miners offset real estate and healthcare gains
The “Big Four” banks advanced between 0.1% and 0.4%. Investors are awaiting the local employment data due later in the day for cues on the Reserve Bank of Australia’s (RBA) policy stance.
A strong jobs data could further defer rate cuts.
Health stocks ascended 0.2% after declining for two days, while real estate stocks added 1.1%.
Bucking the trend, gold stocks snapped five sessions of gains to fall 0.5% on lower bullion prices. Gold fell 0.01% to $2,662.20.
New Zealand’s benchmark S&P/NZX 50 index rebounded, rising 0.2% to 12,847.27 by 2335 GMT.
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