Copper hits 1-month high, gold rebounds 1%. BHP +2.9%, Rio +2.5%. Oil above $92 after Trump Iran comments. Labour data in focus ahead of RBA meeting.
The Australian share market edged higher Wednesday, with mining and energy stocks offsetting weakness in healthcare, technology and the major banks.
The ASX 200 rose 0.2% as investors rotated back into resources. Copper climbed to its highest level in more than a month, and gold rebounded 1% to around US$4,120 an ounce.
BHP Group Ltd climbed 2.9%, Rio Tinto added 2.5% and South32 gained 3.6% as stronger copper prices boosted sentiment across the sector. Gold miners followed bullion higher: Newmont rose 2.7% and Northern Star gained 3.4%.
Oil also supported the energy sector. Brent crude rose 1.7% to above US$92 a barrel after U.S. President Donald Trump played down the prospect of near-term talks with Iran while threatening further strikes. Santos added 1%, and Karoon Energy climbed 3.5%.
Paladin Energy rallied 3.9% after forecasting uranium production of 5.6 million pounds from its Langer Heinrich mine in FY26-27, following the completion of its operational ramp-up.
Healthcare was the biggest drag. Pro Medicus fell 4%, and CSL dropped 3.3% after Morgan Stanley lowered its target. Tech also came under pressure: TechnologyOne dropped 3.4%, Xero slipped 3.5%, and WiseTech Global fell 2.7% after the acquisition of an AI-powered supply chain company for $10 million.
Lynas Rare Earths fell 6.3% after increasing the expected cost of its heavy rare earths expansion project in Malaysia. Ramelius Resources gained 2.8% after reporting high-grade drilling results that strengthen the case for its next underground gold mine.
SkyCity Entertainment jumped more than 8% after selling Auckland's Grand Hotel; proceeds will go to reducing debt. Candle retailer Dusk slumped more than 13% after the ACCC launched legal proceedings alleging it sold products containing non-compliant batteries.
Origin Energy said it is investigating a potential cyber security incident involving customer data. The company said there is no indication that credit card or bank account details have been accessed.
Traders are now looking ahead to Thursday's Australian labour force data, one of the RBA's key inputs ahead of its August policy meeting.
For a deeper look at the session's movers, see the BHP stock page and the RBA stock page.
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