Australian shares climbed on Tuesday as Rio Tinto rose on expectations of higher iron ore prices owing to a tighter market, despite reporting a 14 percent fall in quarterly shipments. The S&P/ASX 200 index closed up 0.4 percent, or 26.0 points, to 6,277.40, having ended flat Monday. Rio, the world's second largest iron ore miner, gained 0.5 percent even as it cut its 2019 shipments estimate after a tropical cyclone hit quarterly shipments.
Supply disruptions in Australia and elsewhere have resulted in prices of the steelmaking material surging to multi-year highs, boosting shares of miners. However, peers BHP Group Ltd and Fortescue Metals Group Ltd retreated 0.4 percent and 0.6 percent, respectively, ahead of their quarterly production reports this week.
Financial stocks rose 0.8 percent, extending gains for a third straight session and hitting a 1-month closing high. The 'Big Four' banks climbed between 0.6 percent and 1.3 percent, with No. 1 lender Commonwealth Bank of Australia advancing 0.7 percent. The healthcare index advanced 1.3 percent, supported by a 7.9 percent jump by bionic ear maker Cochlear Ltd. Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index ended up 0.6 percent, or 62.04 points, to 9,908.39. The index rose for a fourth straight session.
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