Australian shares inched higher on Thursday, tracking Wall Street’s strength overnight, with gains in banking stocks outweighing losses in metals and mining, and energy stocks.
The S&P/ASX 200 index was up 0.2% at 8,482.5, as of 0016 GMT.
The benchmark closed 0.4% lower on Wednesday. Overnight, the US Dow Jones Industrial Average rose 0.69% to 45,014.04.
The S&P 500 gained 0.61%, while Nasdaq gained 1.30%. Locally, data on Wednesday showed Australia’s economy in the third quarter grew at the slowest annual pace since the pandemic.
The Reserve Bank of Australia (RBA) had expected economic growth would rise to 1.5% by the end of the year, but the surprisingly weak third-quarter data has put that forecast in jeopardy.
The RBA has kept interest rates steady at a 12-year high of 4.35% for the past year and signalled little inclination to ease anytime soon.
The central bank’s next policy meeting is scheduled on Dec. 10. Rate-sensitive financial stocks climbed 0.6%, with top lender Commonwealth Bank of Australia up 0.7%.
Gold stocks rose 1.9%, as gold prices gained after data showed US private payrolls rose at a moderate pace last month. Technology stocks gained 0.9%.
ASX-listed shares of Block Inc jumped 6.3% to top gains on the benchmark index.
Heavyweight miners were the biggest drag on the benchmark, sliding 0.5%.
Banks, real estate push Australian shares lower; miners cushion blow
Copper prices eased as markets awaited more clarity on demand prospects in top metals consumer China and possible trade tariffs. Mining majors BHP Group and Rio Tinto lost 1.1%, each.
Energy stocks retreated 0.7%, with oil futures falling nearly 2% overnight, as investors awaited an imminent OPEC+ decision on production cuts.
Santos and Woodside Energy lost 0.7% and 1%, respectively.
Meanwhile, New Zealand’s benchmark S&P/NZX 50 index inched up 0.2% to 12,916.78.
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