SYDNEY: Australian shares ended higher on Thursday as miners drove gains on stronger underlying commodity prices, while domestic rate cut wagers were undeterred by a rebound in local jobs.
The S&P/ASX 200 index rose 0.7% to close at 7,813 points. The benchmark index rebounded from a two-week losing streak sparked by US President Donald Trump’s sweeping tariffs, closing the holiday-shortened week 1.4% higher.
Miners gained 1.5%, lifting the benchmark, as iron ore prices climbed on robust near-term demand.
Among the major miners, BHP rose 1.2%, even as third-quarter iron ore production from Western Australia operations eased to 67.8 million tons from year-ago 68.1 million tons.
Peers Rio Tinto and Fortescue climbed 2.5% and 0.5%, respectively.
Markets have fully priced in a 25-basis-points rate cut by the Reserve Bank of Australia (RBA) in May, despite a rebound in Australian jobs in March.
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