Australian shares edge higher on gold gains, energy firms cap upside
- The S&P/ASX 200 index was up 0.07% at 8,984.50
Australian shares inched up on Thursday, recovering from three sessions of losses, as steep losses in energy stocks capped gains in gold stocks, a day after GDP data reinforced Reserve Bank of Australia rate hike bets at this month’s meeting.
The S&P/ASX 200 index was up 0.07% at 8,984.50, as of 0054 GMT.
The benchmark closed 1% lower on Wednesday.
Gold stocks gained 2.2%, though the sub-index remains on track for a weekly decline after six straight weeks of gains.
The sub-index tracked strong bullion prices, which rose on a pullback in the US dollar and Treasury yields from recent highs.
Northern Star Resources and Evolution Mining climbed around 1.5% each.
Financials advanced 0.6%, with three of the ‘Big Four’ banks gaining between 0.7% and 1.2%.
While most miners traded higher, the sector sub-index was largely flat as sharp losses in heavyweight BHP Group, down 1.7%, weighed on the index.
BHP is trading ex-dividend.
Meanwhile, energy stocks fell 1.3%, ending a four-session rally, on weak crude oil prices.
Woodside Energy lost 2.8% as it trades ex-dividend.
Among individual movers, Corporate Travel Management tumbled over 82%, hitting a near 14-year low, after trading resumed following a suspension of more than a year over a missed deadline for financial results.
Meanwhile, New Zealand’s benchmark S&P/NZX 50 index fell 0.2% to 13,906.18 points, after the central bank hiked the key interest rate by 25 basis points on Wednesday.
Reserve Bank of New Zealand Governor Anna Breman said a gradual removal of monetary stimulus was appropriate to return inflation to within the bank’s target range, even as core inflation may tick up near-term from higher fuel costs.
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