Australia’s ASX 200 climbed 61 points, or 0.7%, to close at 8,786 on Wednesday, rebounding from muted trading in the previous two sessions and marking its highest level in a month.
A softer-than-expected Q1 GDP result bolstered expectations that the Reserve Bank of Australia may pause further monetary tightening, after implementing three rate hikes so far this year to combat persistent inflation.
Gains were driven by producer manufacturing, non-energy minerals, and process industries, which more than offset declines in consumer, healthcare, and commercial services shares. BHP Group advanced 2.5% to a record high as copper and iron ore prices rose, while Rio Tinto added 1.9%, also hitting a new peak.
Northern Star Resources jumped 4% following a Morningstar note flagging the potential sale of the gold miner. Fuel retailer Ampol climbed more than 2% after Australia’s competition regulator approved its acquisition of EG Australia. Financials were also firmer, with the four major banks gaining between 1.0% and 1.7%.
