Australian shares inched up on Thursday after five sessions of losses, buoyed by miners on rising underlying iron ore prices, while heavyweight financial stocks gained as local investors shrug off cautious remarks from the US Federal Reserve.
The S&P/ASX 200 index rose 0.4% to 7,633.90 by 0027 GMT.
The benchmark fell 0.1% on Wednesday.
US Fed Chair Jerome Powell declined to provide guidance on Tuesday regarding the timeline and extent of expected interest rate cuts by saying that policy needs to be restrictive for longer, raising doubts about rate cuts this year.
Back in Sydney, investors will be looking at local employment data for March, due later in the day, which is expected to define the central bank’s rate trajectory for the year.
Miners edged up 1.1% higher, on track for their best day in a week, with iron prices hitting a more than 5-week high on Wednesday.
Top miners Rio Tinto and Fortescue rose 1% and 1.1%, respectively.
BHP Group jumped 2%, as it reported higher third-quarter iron ore output.
Financials advanced after six sessions of losses, rising 0.5%, with the top four lenders gaining between 0.4% and 0.5%.
Gold stocks dropped 0.9%, with top gold miners Northern Star Resources and Evolution Mining shedding between 0.9% and 2.9%, respectively.
Australian shares flat as commodities counter gains in financials
Energy stocks tracked the broader market higher despite oil prices settling lower, as demand concerns outweighed Middle East supply risks.
Oil and gas giant Woodside Energy dropped 0.1%, while Santos fell 0.2% after it reported lower quarterly revenue due to weaker production and volumes.
Meanwhile, New Zealand’s benchmark S&P/NZX 50 index fell 0.7% to 11,789.21, poised for its worst day in more than two months.
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