Australian shares edged higher to a seven-week peak on Tuesday, with commodity stocks leading the charge, while traders awaited minutes of the local central bank’s June policy meeting for more insight into the path of interest rates.
The S&P/ASX 200 index rose 0.2% to 7,312.5 by 0046 GMT in broad-based buying, extending gains for a seventh day.
Trading volume, however, was thin as US markets were closed on Monday for a public holiday.
Local investors are now looking forward to the release of Reserve Bank of Australia minutes later in the global day to see if the central bank will continue with its path of hiking rates.
In Sydney, commodity stocks led the gains.
Miners rose the most with a gain of 0.6%.
Rio Tinto, Fortescue Metals Group and BHP Group advanced in the range of 0.4% to 0.6%.
Energy stocks climbed 0.9%, with Santos up about 0.7%.
Banks, which account for a third of the benchmark, gained 0.2%, while technology stocks were flat. In corporate news, Woodside Energy said it had approved the development of the $7.2 billion Trion ultra deepwater oil project in the Gulf of Mexico.
Its shares rose 0.6%. Shares of Lithium Energy soared as much as 9% after the company signed a deal with Xi’an Lanshen New Material Technology for the construction of a battery-grade lithium plant in Argentina.
Australia shares rally on gold and financials boost; RBA minutes in focus
Lithium miner Lake Resources was the top loser on the benchmark, a day after it announced a three-year production delay at its Kachi project in Argentina and more than doubled its cost estimate.
Its shares plunged 21% to a two-year low.
New Zealand’s benchmark S&P/NZX 50 index rose 0.2% to 11,779.3.
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