Mining, gold stocks lift Australian shares to 2-week high; jobs data in focus

Australian shares hit a two-week high on Thursday, buoyed by gains in mining and gold stocks, while investors awaited local jobs data due later in the day for more cues about the economy.

The S&P/ASX 200 index was up 0.7% at 8,637.30 to its highest level since November 27, as of 2313 GMT.

The benchmark ended marginally lower by 0.08% on Wednesday.

Local investors were watching the November jobs data, expected at 0030 GMT.

The monthly employment print is slated to come two days after the Reserve Bank of Australia held rates steady and ruled out further rate cuts in the near term.

Local mining stocks advanced as much as 1.7% to a record high level on strong metal prices, with mining giants BHP Group, Rio Tinto and Fortescue gaining between 1.8% and 3%.

Gold stocks rose to a more than one-week high and gained as much as 1.4%, fuelled by robust bullion prices after the US Federal Reserve cut rates while also signalling it will likely pause further reductions in borrowing costs.

Evolution Mining rose as much as 2.4% to scale a record high, and Ramelius Resources gained as much as 6.4%. Energy stocks were on track to snap a four-day losing streak and was up 0.6%, driven by rising oil prices.

Sector majors Woodside Energy and Santos rose 0.3% and 0.4%, respectively. Real estate stocks and financials added as much as 1.2% and 0.4%, respectively. On the other hand, healthcare stocks were down 0.8%.

Further south, New Zealand’s S&P/NZX 50 benchmark index rose 0.4% to 13,422.95, on track to end a two-day losing streak.