Nov 20 (Reuters) – Australian shares advanced on Thursday, poised to snap three consecutive sessions of losses, as broad-based buying lifted most sectors, with heavyweight mining and banking stocks leading the rally.
The S&P/ASX 200 index was up 0.7% at 8,509.80, as of 2321 GMT, but still down nearly 7% since touching a record high on October 21. The benchmark fell 0.3% to close at a five-month low on Wednesday.
Miners rose nearly 1% on Thursday, moving in tandem with solid gains in iron ore and copper prices. Sector majors BHP and Rio Tinto advanced 0.6% and 0.5%, respectively.
Gold miners also added to the gains, up 1.1%, on higher bullion prices. Index leaders Northern Star Resources and Evolution Mining climbed 0.5% and 1.5%, respectively.
Local lithium miners rose on the day, buoyed by a rebound in demand for the battery metal following Chilean miner SQM’s upbeat quarterly results. Pilbara Minerals and IGO surged 3.5% and 4.2%, respectively.
Financials rose 0.5%, with top lender Commonwealth Bank of Australia edging 0.5% higher.
However, the banking sub-index is still down nearly 8% so far this month, eyeing its weakest monthly move since June 2022, as investors contended with margin pressures and fierce competition within the sector.
Technology stocks surged 4.1%, eyeing their strongest trading session since mid-April. The sub-index tracked its Wall Street peers higher after artificial intelligence darling Nvidia forecast quarterly revenue above market estimates, temporarily calming investor nerves frayed over concerns that an AI boom has outrun fundamentals.
Logistics software maker WiseTech Global rose 3.3%, while accounting software provider Xero advanced 3.2%.
Healthcare stocks rose 1% and the consumer discretionary sub-index advanced 0.9%.
Energy stocks bucked the broader gains, slipping 0.3%, as oil prices eased on a renewed U.S. push to end Russia’s war in Ukraine, which tempered supply concerns. Woodside Energy fell 0.7% while Santos dropped 0.9%.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index inched 0.3% higher to 13,360.84. (Reporting by Nikita Maria Jino in Bengaluru; Editing by Sherry Jacob-Phillips)
