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Australian shares rose on Tuesday on broad-based buying after trading resumed post the holiday break, as investors welcomed the new year with hopes that key global central banks would start to cut interest rates in the coming months.

The S&P/ASX 200 index rose 0.4% to 7,620.7 by 0013 GMT.

The benchmark fell 0.3% on Friday. Weebit Nano, Boss Energy and Healius led the charge on the resource-heavy bourse, adding 5.2%, 3.9% and 2.9%, respectively.

Rate-sensitive financials rose 0.4% with the ‘big four’ banks all rising between 0.2% and 0.6%.

Heavyweight miners jumped 0.1%, following a rise in iron ore prices on Friday.

Australian shares post best monthly gain in 3 years

Mining giants Rio Tinto and Fortescue were up 0.1% and 0.2%, respectively.

Energy stocks climbed 0.9%, on track to have their biggest intraday percentage gain in two weeks.

Sector majors Woodside Energy and Santos climbed 0.5% and 0.1%, respectively. Information technology firms jumped 0.8% whereas healthcare stocks gained 0.6%.

Bucking the trend, gold miners slipped 0.9%, tracking a slight downturn in bullion prices from the previous session.

Top gold miner Northern Star Resources fell 0.7%, while the ASX-listed shares of Newmont Corporation dropped 0.8%.

Markets in New Zealand remained closed for a holiday.

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