Australian shares jumped 177 points, or 2.0%, to 9,012 by midday Thursday, erasing earlier losses and touching their highest level in nearly two months. Sentiment was buoyed by overnight gains on Wall Street, driven by Democrats’ midterm election results, easing oil prices, and declining U.S. Treasury yields.
On the domestic front, September’s trade surplus rose to a seven-month high as exports climbed to their strongest level in three years while imports declined. Data released on Wednesday also signaled a rebound in personal spending.
Nearly all major sectors advanced, with non-energy minerals, technology, and commercial services leading the gains. Mining heavyweights BHP Group and Rio Tinto rallied 4.4% and nearly 5%, respectively. Gold producers also surged on the back of firmer bullion prices and a weaker U.S. dollar, with Evolution Mining up 10.8% and Northern Star Resources gaining 7.5%.
Other standout performers included Pro Medicus (up 9.9%), REA Group (up 8.9%), and Fortescue (up 6.0%). In contrast, three of the four major banks fell between 1.1% and 6.2%, pressured by the Reserve Bank’s fifth cash rate increase of the year earlier in the week.
