Australian shares hit an all-time high on Tuesday as trading resumed after a long holiday weekend, with miners leading the way, while market participants assessed minutes of the central bank’s last policy meeting for further clues.
The S&P/ASX 200 index rose 0.1% to 7,902.80 by 0040 GMT, extending gains to hit a record high. Australia and New Zealand markets were closed on Friday and Monday for holidays.
Minutes of the Reserve Bank of Australia’s (RBA) March policy meeting showed that the central bank did not discuss hiking interest rates, as it had done at previous meetings, but it still needed time to be confident on inflation to rule out any future moves.
Globally, investor hopes dwindled on the possibility of the US Federal Reserve starting interest rate cuts in June after data indicated a stronger economy.
In Sydney, mining stocks were the top gainers, advancing 1.2% to hit their highest since Feb. 20 on rising underlying commodity prices. Mining giants BHP Group, Fortescue and Rio Tinto advanced between 0.2% and 1.8%.
Gold stocks were the biggest percentage gainers, rising 2.6% after bullion prices hit a record high on Monday.
Sector majors Northern Star Resources and Evolution Mining climbed 2.6% and 2.9%, respectively.
Energy stocks rose 1.2% as oil prices rose on market expectations of economic growth in the US and China boosting demand. Sub-index majors Woodside Energy and Santos rose 0.5% and 0.9%, respectively.
Australian shares flat as commodities counter gains in financials
Rate-sensitive financial stocks reversed course to trade 0.04% higher after the RBA minutes were released.
The “Big Four” banks were flat to up 0.1%. Healthcare stocks slipped 0.6%, with sector giant CSL down 0.3%.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index slipped 0.2% to 12,077.22.
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