Australian shares advanced on Tuesday, led by mining and energy stocks after sector majors BHP Group and Woodside Energy posted strong earnings, while investors remained focused on a key local inflation data for monetary policy direction.
The S&P/ASX 200 index rose 0.2% to 8,097.8, as of 0034 GMT.
The benchmark index is now around 50 points shy of its all-time high of 8,148.7 hit on Aug. 1.
BHP Group rose as much as 2.7% to hit its highest level since early August, after the miner posted a better-than-expected annual profit.
Mining stocks jumped 1.3%, supported by iron ore prices trading at a near two-week high.
Energy stocks climbed 2.4% to hit their highest level since Aug. 5, following a better-than-expected results from top energy company Woodside Energy. Shares of Woodside were up as much as 4.1% to hit their highest level since Aug. 2.
Brent crude futures fell 0.25% to $81.23 a barrel while US West Texas Intermediate (WTI) crude lost 0.34% to $77.16 per barrel.
Coles rose as much as 3.2% to hit a two-year high, after Australia’s second-largest grocer reported an annual profit above analysts’ estimates, fuelled by strong sales at its supermarkets and improved inventory management.
Meanwhile, local investors are awaiting a crucial inflation data, due on Wednesday, which will set the tone for the central bank’s policy direction ahead, with interest rates remaining at a 12-year high in the country.
Australian shares hit record high; RBA cautious on inflation
US inflation data due on Friday is also on investors’ radar for further clues on the Federal Reserve’s rate-cut trajectory.
Overnight, the US Dow Jones Industrial Average rose 0.16% to 41,240.52 points.
The S&P 500 lost 0.32% while Nasdaq was down 0.85%. In New Zealand, the benchmark S&P/NZX 50 index retreated 0.1% to 12,574.41.
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