Australian shares rose on Tuesday led by the gains in commodity stocks, while investors assessed minutes of the central bank’s latest meeting which argued in favour of an interest rate hike to bring inflation expectations under control.
The S&P/ASX 200 index rose 0.2% to 7,070.80 by 0039 GMT, with most major sectors trading in the positive territory.
The benchmark ended 0.13% higher on Monday.
Minutes of the Nov. 7 policy meeting showed the Reserve Bank of Australia (RBA) raised interest rates with the aim to stabilise inflation expectations and steer inflation to its target level.
The RBA policymakers agreed that further tightening of monetary policy would be dependent on further economic data.
Local mining stocks gained 1.4%, tracking higher commodity prices.
Sector heavyweights BHP Group, Rio Tinto and Fortescue advanced 1.3%, 2.4% and 1.3%, respectively.
Fortescue approved an estimated total investment of around $750 million over the next three years for three green metal as well as green energy projects.
Energy stocks also rose 0.2%, in line with climbing oil prices on further supply cut concerns.
Sub-index giants Woodside Energy and Santos both rose 0.3% each.
Local financials moved up 0.1% ahead of the RBA’s decision, with three of the “Big Four” banks advancing between 0.1% and 0.5%.
Westpac Banking, however, fell 0.1%. Gold stocks edged up 0.5%, with the fall in global gold prices offset by the overall positive trend in Australian markets.
Sector majors Northern Star Resources and Evolution Mining rose 1.1% and 0.7%, respectively.
Bucking the trend, information technology stocks fell around 0.8%, with sector giant Xero falling around 0.5%. Across the Tasman Sea, New Zealand’s benchmark index fell 0.1% to 11,196.60.