Australian shares rose for a tenth straight session on Thursday, tracking Wall Street gains, after minutes from the Federal Reserve’s latest policy meeting signalled that officials were leaning toward an interest rate cut in September.
The S&P/ASX 200 index was up 0.3% at 8,030.2 points, as of 0033 GMT.
The benchmark closed 0.2% higher on Wednesday. Overnight, the US Dow Jones Industrial Average rose 0.14%, the S&P 500 gained 0.42%, and Nasdaq climbed 0.57%.
Minutes of the US central bank’s meeting showed the Fed appeared to be on track for an interest rate cut next month, with some policymakers even willing to reduce borrowing costs at the July 30-31 gathering.
The minutes also set the stage for the Jackson Hole Economic Symposium, where Fed Chair Jerome Powell will speak on Friday.
In Australia, metals and mining sub-index rose nearly 1% to lead the gains on the benchmark bourse, after Chinese iron ore futures on the Dalian Commodity Exchange climbed 1.6%.
Energy stocks gained 0.7%. Brent crude futures rose 0.05% to $76.09 a barrel.
Whitehaven Coal, Australia’s largest independent coal miner, posted a steep drop in its full-year profit, but said it would sell a 30% stake in Blackwater mine for $1.08 billion.
The announcement sent Whitehaven’s shares soaring as much as 8.3% to be the top gainers in the benchmark index.
Gold stocks added 1% as bullion prices hovered near their all-time highs.
Sector major Northern Star Resources jumped 2.6% to its highest level in four months after reporting record annual cash earnings.
The real estate sub-index and consumer staples gained 0.5% each.
Australian shares at 2-week high on miners’ boost; RBA minutes in focus
Among individual stocks, network services provider Megaport fell up to 21.7% and was the top loser after its forecast missed estimates.
New Zealand’s benchmark S&P/NZX 50 index fell 0.3% to 12,470.3 points.
Source: Brecorder
