FX.co ★ Australian Shares End Slightly Higher

Amidst ongoing momentum, the S&P/ASX 200 index marked a modest uptick of 0.1%, closing at 8,821 on Wednesday, and achieving a new two-month high. The rise was underpinned by gains in the mining, energy, and gold sectors. The mining sub-index reached unprecedented levels, climbing 0.9%, in spite of Tuesday's tepid performance in iron ore and copper prices. Notably, industry leaders BHP and Rio Tinto posted gains of 1.1% and 0.8%, respectively, as Lynas Rare Earths surged by 4.2%. This marked Lynas's third consecutive session of increases following Australia's emphasis on enhancing its A$1.2 billion rare earth mineral reserves. Concurrently, energy stocks rebounded, ascending by 1.6% due to a spike in oil prices precipitated by concerns over Iranian supply, propelling shares of Santos and Woodside upward by over 2.6% each. Gold mining shares also climbed, increasing by 0.9% to a new high as rising bullion prices were supported by expectations of US interest rate cuts and a boost in safe-haven demand. Conversely, the financials sector saw a 0.7% decline as investors capitalized on recent gains, leading to a dip among the four largest banks, with losses ranging from 0.3% to 1.3%.