The S&P/ASX 200 climbed more than 1% to around 8,960 in Wednesday morning trade, recovering the previous session’s losses as banking and mining stocks drove the market higher. The financials sub-index advanced nearly 3% to a three-month peak, likely supported by dip-buying after the insurance segment came under pressure on concerns about AI-related risks. Sentiment was further lifted by top lender Commonwealth Bank, which surged 6.6% to its highest level since November 11, 2025, after reporting record first-half cash earnings of A$5.45 billion.
Gold miners added 0.7% for a third consecutive session, helping to lift the broader mining sector by the same margin. Among heavyweight names, BHP gained 1.2% and Rio Tinto rose 0.9%, while gold producer Evolution Mining jumped 3.4% after its half-year profit more than doubled.
In contrast, biotech giant CSL extended its decline, sliding 6.1% to an eight-year low following the departure of its chief executive officer and a 7% fall in first-half earnings.
