Australian shares tracked global markets higher on Thursday, boosted by the gains in miners and financial stocks ahead of key June employment data, while BHP Group rose after the miner reported record full-year iron ore output.
The S&P/ASX 200 index rose 0.8% to 7,378.90 by 0045 GMT.
The benchmark ended up 0.6% on Wednesday. Global stocks rose overnight after a surprise cooling of UK inflation bolstered the risk-off mood across markets that anticipates the Federal Reserve next week would hike interest rates for the last time this year.
In Australia, employment data for June due later in the day will provide investors with crucial information on whether the Reserve Bank of Australia’s monetary tightening campaign has taken effect in the country.
Financials jumped 1.2%, with all the ‘Big Four’ banks trading in the positive territory. Miners gained 0.6%, even as iron ore prices slipped.
BHP Group jumped 0.3% after the world’s largest listed miner reported its highest ever annual iron ore production, helped by the continued ramp up at its South Flank operations in Western Australia. Peers Rio Tinto and Fortescue Metals Group added 0.3% and 0.4%, respectively.
Tech stocks tracked their Wall Street peers higher to jump 0.9% to hit their highest level since Jan. 19 and on track for a sixth straight session of gains.
Shares of Xero and Wisetech Global gained 0.3% and 1.1%, respectively.
Commodity stocks push Australian shares higher
Bucking the trend, gold stocks fell 0.7%. Newcrest Mining jumped 0.2%, while Northern Star Resources shed 5.5%.
Separately, Santos fell as much as 1.1% after trimming its production forecast for fiscal 2023, while its second-quarter revenue plunged 28.7%. New Zealand’s benchmark S&P/NZX 50 index was flat at 11,949.12.
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