Australian shares rise on mining boost, inflation data in focus

Australian shares rose for a third straight session on Tuesday, helped by gains in mining and gold stocks on strong commodity prices, while investors awaited a key inflation report that could shape the central bank’s policy outlook.

The S&P/ASX 200 index climbed 0.5% to 8,851.90 by 0020 GMT.

The benchmark ended 0.4% higher on Monday.

Mining stocks led the gains, rising 1.8% to hit their highest level in nearly one-and-a-half years, after iron ore and copper prices firmed on Monday, helped by restocking demand in top consumer China.

Sector majors BHP and Rio Tinto advanced 0.7% and 1%, respectively.

Gold stocks climbed 2.5% to hit a record high, tracking overnight gains in bullion prices.

Index heavyweights Northern Star Resources and Evolution Mining rose 1.4% and 2.9%, respectively.

Technology stocks rose 0.5% after Wall Street indexes posted record closing highs overnight.

Xero and TechnologyOne climbed 0.4% and 1.5%, respectively. Healthcare stocks gained 0.3%.

Telix Pharmaceuticals’ Australia-listed shares surged 22% after the cancer diagnostics firm said its imaging agent for prostate cancer received a reimbursement payment status from the United States Centers for Medicare & Medicaid Services.

Bucking the trend, consumer staple stocks declined 0.3%, while real estate stocks fell 0.9%. The August inflation data, due on Wednesday, comes ahead of the Reserve Bank of Australia’s policy meeting next week.

Interest rate swaps suggest the central bank will hold interest rates steady before a resumption in easing in November.

In New Zealand, the benchmark S&P/NZX 50 index was largely unchanged at 13,154.30.

Investors are awaiting the much-anticipated appointment of a new central bank governor.

The government is set to make an announcement on Wednesday.