Australian shares extended gains on Wednesday, led by gold and energy stocks in broad-based buying after the country’s central bank flagged signs of progress on inflation in its year-end policy meeting.
The S&P/ASX 200 index rose 0.6% to 7,530.50 by 2315 GMT.
The benchmark climbed 0.8% on Tuesday.
Minutes of the Reserve Bank of Australia’s December policy meeting showed that the central bank debated raising interest rates for a second straight month but ultimately chose to hold off until further data was available.
Globally, investors awaited the US November core personal consumption expenditure index report, due out on Dec. 22, for further clarity on the Federal Reserve’s future policy decisions.
In Sydney, gold stocks jumped 2%, hitting their highest level since Dec. 5, after bullion prices rose overnight against a falling US dollar and Treasury yields.
Northern Star Resources advanced 2.5%, while Evolution Mining traded 3.6% higher. Energy stocks rose 0.7%, in line with gains in oil prices as attacks on ships in the Red Sea disrupted maritime trade and forced more companies to reroute vessels.
Top energy firms Woodside Energy and Santos were up 1.5% and 1.3%, respectively. Rate-sensitive financials jumped 0.6%, with the “Big Four” banks gaining between 0.2% and 0.9%.
Energy stocks lift Australia shares as investor optimism sustains
Mining stocks rose 0.6%, with BHP Group up 0.7%.
Technology stocks climbed 0.3%, tracking overnight gains in their Wall Street peers.
Xero rose 0.9%. Healthcare stocks advanced 0.6% and were on track for a ninth consecutive session of gains.
Sector major CSL Ltd rose 0.4%. New Zealand’s benchmark S&P/NZX 50 index inched 0.02% higher to 11,619.84.
Comments
Comments are closed for this article.