Australia shares rise as lithium miners shine, tech stocks limit gains

Australian shares inched higher on Wednesday as commodities stocks continued their rally with lithium stocks driving gains, while a slump in technology stocks weighed on the benchmark’s gains.

The S&P/ASX 200 index rose 0.2% to 8,836.90 by 2352 GMT.

The benchmark ended 0.2% lower on Tuesday.

On the bourse, domestic miners gained 1%, touching their highest points since October 22, on the back of higher copper prices.

The sub-index also got a lift from lithium miner Mineral Resources, which rose as much as 10.8%, hitting its highest level since October 11, 2024.

The miner inked a deal with South Korea’s POSCO Holdings to sell a 30% stake in its operational lithium business.

Liontown Resources gained as much as 5.6% to touch its highest since June 4, 2024, after partnering up with Metalshub to digitalise and streamline spot sales of spodumene concentrate from its flagship Kathleen Valley lithium project in Western Australia.

Energy stocks continued their stellar run from last week as the index rose 1%, on track for its fifth consecutive session of gains.

Higher global oil prices drove gains in the sector, pushing it to hit its highest since September 8.

Woodside Energy rose 1.2% and Santos added 1.5%.

Gold stocks gained 1%, on the back of higher bullion prices.

Evolution Mining rose 2.9%.

Technology stocks slumped 2.9% to their lowest since May 9, with Xero falling 1.8%. Data centre operator NextDC lost 2.3%.

Financials traded largely flat as top lender CBA extended its fall by dropping 1%, while the rest of the “Big Four” banks traded in green.

Elsewhere on the bourse, health stocks were flat and real estate stocks inched 0.2% lower.

New Zealand’s benchmark S&P/NZX 50 index was largely flat as of 2352 GMT.