Australian shares rose to a record high on Thursday, as mining and gold stocks jumped on strong underlying commodity prices, while Insurance Australia Group tumbled after its top-line growth and dividend missed estimates.
The S&P/ASX 200 index was up 0.4% at 8,566.80, as of 0057 GMT, after rising as much as 0.5% earlier in the day to hit a fresh high of 8,575.20.
Miners gained as much as 1.7% to hit their highest level since mid-December after iron ore prices rebounded on Wednesday.
BHP Group, Fortescue and Rio Tinto gained between 0.2% and 2%.
Diversified miner South32 rose as much as 2.9% after reporting a more than nine-fold jump in first-half profit.
Gold miners advanced as much as 1.3% as bullion prices edged higher on trade war fears.
Financials moved 0.4% higher, with the “Big Four” banks gaining between 0.7% and 1.6%. Energy stocks fell as much as 0.8% after oil prices declined overnight as US President Donald Trump took the first big step towards diplomacy to end the war in Ukraine.
However, Origin Energy rose up to 2.8% as it posted a better-than-expected first-half profit.
Among individual stocks, Insurance Australia Group fell as much as 10.3% and was the top loser on the benchmark index, after the insurer missed estimates for top-line growth and dividend in the first half.
Shining gold stocks lead Australian shares higher
Treasury Wine Estates fell up to 8.5% after the wine maker flagged weakness in one of its divisions.
Australian bourse operator ASX rose as much as 9.2% and was among the top gainers on the benchmark, after it logged a 10% rise in first-half profit.
Overnight, the US Dow Jones Industrial Average fell 0.50%, the S&P 500 lost 0.27%, and the Nasdaq was flat.
New Zealand’s benchmark S&P/NZX 50 index inched lower by 0.2% to 12,883.56.