Australian shares rose on Tuesday, as the gains in banking and gold stocks countered the losses in energy firms, and miner Alumina jumped on accepting a $2.2 billion buyout offer, while investors awaited a US inflation data for more policy clues.
The S&P/ASX 200 index gained 0.3% to 7,729.7, by 0014 GMT.
The benchmark fell 1.8% on Monday. US February consumer price data - a key measure for core inflation - is due later in the day, with markets expecting a monthly increase of 0.4% and 3.1% year on year.
This could also suggest whether the Federal Reserve can begin cutting interest rates in the coming months.
In Sydney, gold miners rose as much as 2.7%, set for their best day in a week, tracking a stronger bullion.
Sector major Northern Star Resources climbed 2.5%.
Financials jumped 1.2%, with the “big four” banks rising between 0.5% and 1.7%.
Investment firm Future Generation Australia tapped former central bank governor Philip Lowe as its new chairman. Shares were down 0.4%.
Technology firms were up 0.4%, while healthcare was flat. Heavyweight miners were flat, with BHP and Rio Tinto down 1.2% and 0.6%, respectively.
Australian shares fall as miners, banks weigh
Alumina gained 8.7% to hit its highest level since August, after agreeing to a $2.2 billion takeover bid from Alcoa.
Lithium miner Pilbara Minerals jumped as much as 4.8% as it signed a supply deal with China’s Sichuan Yahua Industrial Group.
Bucking the trend, energy stocks dropped 0.7% to hit their lowest level since Dec. 8, as oil prices remained mixed over Middle East supply concerns.
Woodside Energy shed 0.7% while Santos slipped 0.5%. Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index slid 0.5% to 11,815.52.
Air New Zealand was flat, after the airline announced it was pausing its Auckland to Chicago non-stop service.
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