The S&P/ASX 200 closed 0.3% higher at 8,644 on Wednesday, extending the previous session’s gains as strength in technology and energy stocks supported the broader market. Trading was choppy earlier in the day, coming on the heels of the Reserve Bank of Australia’s narrow decision to deliver a second consecutive interest rate hike. The central bank also warned that the escalating conflict in the Middle East poses an upside risk to inflation.
Those geopolitical concerns helped lift the energy sector 0.7%, as oil prices advanced on renewed Iranian attacks on the UAE, heightening fears of tighter global supply. Oil and gas producer Woodside Energy edged higher after appointing Liz Westcott as chief executive officer and managing director. Peers Santos gained 0.8% and Beach Energy rose 2.5%.
Technology stocks climbed 1.6%, taking their cue from gains on Wall Street, while the mining sub-index added 0.4%. Among heavyweight miners, BHP Group advanced 0.7% after announcing that Brandon Craig, currently its Americas president, will succeed Mike Henry as CEO. Rio Tinto also firmed, rising 0.8%.
