Key Takeaways
- Australian shares gained slightly, driven by mining stocks.
- Copper prices rose as China stockpiled the metal ahead of holidays.
- Banks and energy firms limited overall market gains.
Australian shares eked out slight gains on Wednesday, largely driven by the mining sector, according to market reports.
The S&P/ASX 200 index rose 0.3% to 8,787.90 by 0010 GMT, with the benchmark finishing up 0.3% the previous day.
The resources sub-index, which accounts for more than a quarter of the Australian bourse, advanced more than 2% in its steepest daily gain since late August.
This upward movement was largely attributed to copper prices extending gains, as China stockpiled the metal ahead of holidays, a source stated.
Sector majors BHP and Rio Tinto surged 1.6% and 1%, respectively, contributing significantly to the overall market performance.
Gold miners also added 3.4%, hitting a near three-week peak, with Northern Star Resources and Evolution Mining each adding between 3% and 4%.
Real estate stocks advanced 0.3%, while the consumer staples sub-index marginally rose 0.2%.
However, financials bucked the trend, losing 0.3%, with three of the “Big Four” banks falling between 0.1% and 0.6%.
National Australia Bank, however, traded in positive territory, according to the report.
Insurance Australia Group, in particular, slipped as much as 3.1% in its largest one-day decline in a month, emerging as one of the benchmark’s top losers.
The company faced competition regulator opposition to its planned takeover of RAC Insurance, a source noted.
