Due to robust underlying commodity prices, miners and energy firms led the gains on Tuesday, ending a three-day losing skid for Australian equities.
By 2335 GMT, the S&P/ASX 200 index had increased by 0.5% to 8,228.9 points. On Monday, the benchmark closed 1.2% lower.
As enthusiasm was bolstered by renewed expectations of more stimulus from major importer China, iron ore prices reached a two-week high, and heavyweight miners had their most significant increase of 0.8% since December 18, 2024. Rio Tinto, a smaller peer, rose 1%, while sector leader BHP climbed 0.9%.
Boosted by rising global oil prices on predictions that further U.S. restrictions on Russian oil will drive consumers in China and India to look for alternative sources, energy stocks continued their gains from Monday to surge 0.8%.
With Woodside Energy up 0.8%, the sub-index reached its highest level since October 17, 2024. While U.S. West Texas Intermediate crude fell 0.01% to $78.81 per barrel, Brent crude futures increased 1.43% to $80.90. Additionally, financials ended a three-session losing streak and increased by 0.3%. The “Big Four” banks had gains ranging from 0.1% to 0.4%.
Investors expect clues about the Reserve Bank of Australia’s monetary position in the local employment anticipated data later today. Good job statistics might further postpone rate reduction.
After two days of declines, health stocks rose 0.2%, while real estate stocks gained 1.1%.
Gold stocks defied the trend and fell 0.5% after five days of gains due to declining bullion prices. Gold dropped to $2,662.20, down 0.01%.
By 2335 GMT, the benchmark S&P/NZX 50 index for New Zealand had recovered, up 0.2% to 12,847.27.
