Australian shares struggled for momentum on Thursday as gains in miners countered losses in energy stocks, while investors globally awaited Israel’s response to Iran’s missile attack the previous day.

The S&P/ASX 200 index crept up 0.1% to 8,204.3 by 0040 GMT.

The benchmark had closed 0.1% lower on Wednesday. Mining stocks rose as much as 0.8% in their second consecutive session of gains, after copper prices closed higher overnight on the back of hopes for more stimulus from China, Australia’s top trading partner.

Sector giants BHP Group and Rio Tinto climbed 1.1% and 0.6%, respectively.

“Commodity prices continue to roar up with copper, aluminium and nickel rising in response to China’s bazooka stimulus, and bets continue to rise that commodity stocks will dominate the leaderboard in 2025,” said Jessica Amir, a market strategist with trading platform moomoo.

Energy stocks shed as much as 0.5%, despite gains in global oil prices on the deepening Middle East conflict.

Woodside Energy traded flat, while smaller peer Santos fell 0.3%.

On Thursday, Israel bombed Beirut and killed at least six people, a day after Iran fired more than 180 missiles into Israel.

Brent crude futures rose 0.81% to $74.50 a barrel, while US West Texas Intermediate (WTI) crude gained 0.96% to $70.77 per barrel.

Australian shares slip as banks’ losses outweigh gains in miners

Interest-rate sensitive financials traded flat, with the Commonwealth Bank of Australia rising 0.4%, while Westpac fell 0.6%.

Westpac, Australia’s second-largest mortgage lender by loans, said it would sell its auto finance loans book Resimac for an expected value of A$1.4 billion ($962.78 million) to A$1.6 billion.

Health stocks rose 0.4%, driven by a 0.6% gain in biotech giant CSL. Real estate stocks climbed 0.7%, while IT stocks slipped 0.2%.

Overnight, the US Dow Jones Industrial Average rose 0.09%. The S&P 500 gained 0.01%, while the Nasdaq climbed 0.08%.

In New Zealand, the benchmark S&P/NZX 50 index rose 0.6% to 12,531.04, as of 0040 GMT.