Australian Shares Gain Momentum: Mining Stocks Propel Market Forward

April 09, 2024 03:18 PM AEST | By Team Kalkine Media
 Australian Shares Gain Momentum: Mining Stocks Propel Market Forward
Image source: Golden Dayz

Australian shares experienced a boost on Tuesday, with mining stocks spearheading the gains, even as investors maintained a cautious stance ahead of crucial U.S. inflation data, seeking further insights into the Federal Reserve's stance on interest rates.

The S&P/ASX 200 index (AXJO) edged up by 0.54% to reach 7,830.90, as of 3:08PM AEST, building on the 0.2% increase seen in the benchmark on Monday.

Globally, investors are eagerly anticipating the U.S. inflation figures to gauge potential rate adjustments for the year, following robust job data from the previous week that hinted at potential delays in rate cuts by the Fed.

In Sydney, a survey revealed a downturn in Australian consumer sentiment, with the Westpac-Melbourne Institute index of consumer sentiment sliding by 2.4% this month, compared to a 1.8% decline in March.

Mining stocks surged by as much as 2.3%, reaching their highest level since February 5, buoyed by the upward trajectory of iron ore and copper prices. Notable gains were observed in shares of Rio Tinto (ASX: RIO), Fortescue (ASX: FMG), and BHP Group (ASX: BHP), which advanced between 2.6% and 3.5%.

Financial stocks also witnessed gains of up to 0.45%, with the "Big Four" banks recording increases ranging between 0.3% and 0.6%. Additionally, energy stocks rose by as much as 0.6%, with Woodside Energy (ASX: WDS) climbing by 0.50%.

Shares of Ansell (ASX: ANN), which resumed trading on Tuesday, emerged as the second-biggest percentage gainers in the benchmark index, poised for their best day since March 30, 2020, if the current gains persist. The glove manufacturer announced on Monday its plans to acquire the personal protective equipment unit of U.S.-based Kimberly-Clark (KMB.N) for $640 million.

Meanwhile, New Zealand's benchmark S&P/NZX 50 index (NZ50) dipped by 0.4% to 11,927.48. A quarterly survey indicated that a net 25% of surveyed firms anticipated a deterioration in general business conditions in the country, attributing the challenges to uncertainties surrounding the new government's priorities and the broader implications of higher interest rates on the economy.

Traders are now anticipated to shift their focus to the Reserve Bank of New Zealand on Wednesday, as the central bank convenes to review its monetary policy stance.


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