Australian shares climbed on Thursday, on track to snap a four-day losing streak, supported by heavyweight financials and miners, while positive cues from Wall Street lifted local technology stocks.
The S&P/ASX 200 index was up 0.8% at 8,807.2 points, as of 0031 GMT.
The benchmark ended 1.8% lower in the previous session.
The benchmark index logged its first gain of September in early trade on Thursday, set to break a sluggish start to the month that had seen it lose 2.6% over the previous three sessions.
Stronger-than-expected economic growth data dampened investor hopes for an imminent rate cut at the Reserve Bank of Australia’s September meeting.
On the bourse, banks gained as much as 1.4%, on track for their best trading session since August 20, if the current momentum persists.
Banks typically benefit from higher interest rates, as they help expand net interest margins and boost profitability.
All “Big Four” lenders rose between 1.3% and 1.8%.
The mining sub-index recouped from early losses to trade 0.5% higher on the back of strong iron ore and copper prices.
Iron ore miner Rio Tinto and Fortescue each rose 2.2%.
Australian tech stocks climbed as much as 1.5%, mirroring gains on the tech-heavy Nasdaq, which surged on strong performances from Alphabet and Apple. NZ-based Xero added around 3.2%.
Among other sectors, health stocks gained as much as 0.8%, with biotech giant CSL adding 0.6%.
Gold stocks advanced 0.2% and real estate firms rose 0.6%.
Energy was the only sector in the red, as a drop in oil prices weighed on the sub-index.
Sector majors Woodside Energy and Santos both shed around 0.8% each.
In corporate news, an Australian watchdog flagged competition concerns regarding Insurance Australia Group’s proposed buy of The Royal Automobile Club of Western Australia’s insurance business.
Shares of Insurance Australia Group traded 0.2% higher. New Zealand’s benchmark S&P/NZX 50 index rose 0.3% to 13,113.98 points.
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