Australian equities climbed 109 points, or 1.2%, in early Wednesday trade to break above the 9,000 mark, extending gains for a third consecutive session and hitting their highest level since early March. The rally was supported by stronger U.S. equity futures after Wall Street mostly finished higher, driven by optimism around potential U.S.–Iran peace talks.
Gains were broad-based across technology, healthcare, non-energy minerals, and commercial services. However, upside momentum was tempered by investor caution ahead of the release of June and Q2 inflation figures later today. Persistent inflation remains a concern despite three rate hikes by the RBA this year, and Governor Michele Bullock has reiterated the board’s willingness to tighten policy further if required.
In corporate news, Rio Tinto jumped 4.5% after raising its interim dividend on the back of a 47% surge in profit. Woodside Energy advanced 0.9% following a 28% increase in quarterly revenue. The major banks underperformed, with the big four trading sluggishly relative to the broader market’s upswing.
