Australian shares rose for a fourth straight session on Tuesday, as energy and mining stocks extended gains on strong commodity prices, while investors awaited US inflation data that could influence the size of the Federal Reserve’s next rate hike.
The S&P/ASX 200 index had climbed 0.7% by 0014 GMT, adding 4% in the past four sessions.
US consumer price index data for August, due later in the day, will be scrutinised for any signs regarding the number and size of future interest rate hikes from the Fed.
Energy stocks led the gains in Australia with a 1.4% jump and were set for their best day in more than a week if gains hold.
Oil and gas majors Woodside Energy and Santos rose 1.4% and 2.2%, respectively. Miners climbed 0.9%, with iron ore behemoths BHP and Rio Tinto up 0.4% and 0.8% respectively.
Technology stocks advanced 0.6%, tracking gains in their Wall Street peers. ASX-listed shares of Block Inc rose 0.5%, while battery materials and technology firm Novonix climbed 6.2% to lead the gains on the sub-index.
Australian shares rise on resources boost; key economic data in focus
Financials added 0.8%, with the “big four” banks rising nearly 1% each. Gold stocks gained 1.5% on higher bullion prices.
Newcrest Mining, the country’s biggest gold miner, rose 1.1%.
In corporate news, hospital operator Ramsay Health Care said a consortium led by private equity giant KKR & Co Inc had written to the company to say that it would not raise its A$14.5 billion buyout offer.
New Zealand’s benchmark S&P/NZX 50 index inched higher 0.04% to 11,815.92.
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