Dec 30 (Reuters) – Australian shares inched higher on Tuesday in thin, year-end trade, as gains in heavyweight financials helped offset losses in miners and gold stocks, with the latter dragged down by softer bullion prices.
The S&P/ASX 200 index rose 0.2% to 8,740.9 points as of 2350 GMT. The benchmark closed 0.4% lower on Monday, but is on course to finish the year up over 7%, marking its third consecutive year of gains.
Financials gained 0.9%, with top lender Commonwealth Bank of Australia adding as much as 1.6% to touch its highest level in nearly two months.
Limiting gains, miners fell 1.4%, moving further away from their record high of 7,460.40 points notched on Monday. The session’s move defies advances made by iron ore and copper prices in the previous session.
The sub-index is set for its second successive session of losses, after rising nearly 4% over the three days of trading last week. It has risen nearly 38% so far this year.
The world’s largest listed miner, BHP, fell 0.6%, while Rio Tinto was flat.
Gold miners slipped 4% as gold prices retreated from record highs, with investors booking profits after the recent rally. Gold producers Evolution Mining and Northern Star Resources slid 4.8% and 3.6%, respectively.
The yellow metal posted a record high on Friday on anticipation of U.S. Federal Reserve rate cuts and geopolitical tensions.
Investors, expecting an interest rate cut in the United States, will be focused on the minutes from the Fed’s December meeting due later in the day to gauge the trajectory of the monetary policy next year.
Meanwhile in Australia, the central bank kept interest rates steady in December, ruling out further easing while flagging that the next move could be a hike.
New Zealand’s benchmark S&P/NZX 50 index rose 0.3% to 13,565.59 points. (Reporting by Keshav Singh Chundawat in Bengaluru; Editing by Alan Barona)
