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Australian shares traded in a narrow range, with losses in banks offset by gains in miners and energy stocks. The S&P/ASX 200 ended near 9,022 points as investors remained cautious ahead of the consumer price index release. Financial and technology sectors fell, while BHP and lithium miners surged, reflecting optimism over commodity prices. Energy stocks were boosted by stronger oil prices and Woodside Energy's profit beat. Tariff concerns from the U.S. and expectations around Australia's inflation trends kept market sentiment cautious, while New Zealand markets also recorded modest gains.
Australian shares struggled to gain direction as losses in major banks were balanced by gains in the mining sector, keeping the market largely unchanged. The S&P/ASX 200 index closed near 9,022 points, following a slight decline in the previous session. Advertisement
Investor caution was evident as markets reacted to U.S. warnings that higher tariffs could be imposed on countries stepping back from recently negotiated trade deals. Domestic attention was also focused on the upcoming consumer price index, seen as a crucial indicator following Australia's recent interest rate increase. The Reserve Bank of Australia has been the only major central bank outside Japan to tighten policy this year, largely in response to inflation expectations exceeding its target range.
Market analysts noted a risk-off rotation with defensive and rate-sensitive sectors supporting the index, while financial and growth-oriented stocks experienced losses. Financial shares fell 0.3%, with Macquarie dropping 3.6% amid concerns that sustained higher interest rates could slow lending growth and reduce fee income. Technology stocks slipped 3.5%, and real estate shares declined 1.2%.
Miners, on the other hand, gained 1.1%, led by BHP, which reached a record high above A$55 during the session. Lithium miners saw notable gains, with Pilbara Minerals rising 8% and Mineral Resources climbing 6.5%, reflecting optimism over lithium prices. Energy stocks added 1.7%, supported by stronger oil prices and Woodside Energy's better-than-expected profits, pushing its shares to a near 19-month peak.
Across the Tasman, New Zealand's benchmark S&P/NZX 50 index ended higher by 0.8% at 13,532 points, reflecting a positive session for the region's markets.
Source Reuters
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