Australian shares advance as miners gain, lower crude boosts sentiment

Australian shares climbed on Tuesday, supported by heavyweight miners and financials, while lower crude prices also improved investor sentiment.

The S&P/ASX 200 index was up 0.4% at 9,143.50 points, as of 0043 GMT.

The benchmark closed 0.5% higher on Monday. Oil futures dropped as investors booked their profits after recent gains and shrugged off US Treasury Secretary Scott Bessent’s announcement of expanded secondary sanctions that Washington could impose on entities and countries maintaining business ties with Iran.

Energy stocks, which typically track moves in oil prices, nevertheless extended their rally for a seventh consecutive session, rising as much as 1.8% to a four-month high.

Woodside Energy rose nearly 3% to a more-than-four-month high as its first-half profit beat estimates, with the company forecasting further trading gains after redirecting cargoes to better-priced markets linked to the Middle East crisis.

The broader mining sub-index advanced 0.8%, extending its rally for a fourth consecutive session and providing the biggest boost to the benchmark, on the back of strong commodity prices.

Shares of BHP Group and Rio Tinto gained 1.3% and 0.7%, respectively.

Gold stocks advanced as much as 1.5% to their highest levels since March 6 as stronger bullion prices lifted the sector.

Northern Star Resources climbed 0.6% and Evolution Mining gained 1%.

Financials edged 0.2% higher, with the “Big Four” banks up between 0.2% and 0.6%, while the healthcare sub-index climbed nearly 1%.

The staples sub-index gained 0.6%.

Within the sector, Coles Group slipped 0.3% after reporting a softer-than-expected start to fiscal 2027 as sales growth in its supermarket division temporarily moderated.

New Zealand’s benchmark S&P/NZX 50 index added 0.2% to 13,911.12.