The ASX 200 advanced 49 points, or 0.5%, to close at 8,966 on Wednesday, marking a fourth consecutive gain and its highest level in two months. Sentiment was buoyed by firmer U.S. equity futures ahead of Kevin Warsh’s first meeting as Federal Reserve Chair.
Markets also reacted to fresh details of an interim U.S.–Iran accord that permits oil tankers safe passage through the Strait of Hormuz in return for lifting certain port blockades, easing some geopolitical risk in energy markets.
Domestically, the Reserve Bank of Australia left the cash rate unchanged at 4.35% on Tuesday, as widely expected, with the board seeking to balance slowing economic growth against persistently elevated inflation.
Gains were broad-based across the local market, led by producer manufacturing, consumer services, and non-energy minerals. Index heavyweight BHP Group rose 0.6%, briefly touching an all-time high. Gold miners outperformed as bullion prices jumped on the Middle East developments, with Northern Star climbing 2.5% and Regis Resources rallying 6.1%. Three of the four major banks advanced between 0.2% and 1.2%.
By contrast, Karoon Energy tumbled 13.4% after the company cut its full-year production guidance.
