Australian shares advanced on Wednesday as dip buyers moved in on mining stocks, copper surged to its highest price in more than a month and gold rebounded.
The S&P/ASX 200 Index advanced 0.2 per cent, or by 19.4 points, to 8812.7 at 10.10am ( AEST ), with energy and materials the only sectors higher.
The lopsided market came as Brent crude jumped 2 per cent overnight to $US91 a barrel after a large cargo ship bound for Saudi Arabia was turned back by Houthi rebels in Yemen, as the Iran-aligned group began enforcing its announced Red Sea blockade.
Comex copper for September jumped 3.3 per cent to $US6.55 a pound, less than 2 per cent from its June record as evidence of a tightening physical market in China increased and traders rebuilt bets that the US will impose a tariff on the metal.
On the ASX, BHP climbed 2.9 per cent, Rio Tinto 1.4 per cent and South32 3.3 per cent. Gold miners were also higher as bullion traded around $US4090. Newmont was up 1 per cent in early trading.
Higher oil prices helped energy stocks. Woodside Energy and Santos both added 1 per cent, while Viva Energy firmed 2 per cent. Paladin Energy rallied 5 per cent as it expects uranium production from its flagship Langer Heinrich mine to rise to as much as 5.6 million pounds in 2026-27 after completing the ramp-up of operations.
Technology was the worst performer. Xero dropped 4.1 per cent at the open and TechnologyOne shed 3.9 per cent. WiseTech Global fell 2 per cent. The ASX-listed logistics supplier has purchased an artificial intelligence-powered supply chain technology company for $10 million and shares to help develop its governance platform VerifyWise.
Commonwealth Bank, ANZ, Westpac, and National Australia Bank were all down by about 0.2 per cent.
Stocks in focus
Wesfarmers fell 1.4 per cent. The conglomerate and its Chilean joint venture partner have placed a $1.4 billion bet on a sustained rebound in the lithium market, pulling the trigger on the expansion of their $2.6 billion mine in Western Australia.
Lynas Rare Earths plunged 8.3 per cent as production of NdPr fell to 1857 tonnes for the quarter as the company worked through issues with its expanded Mount Weld processing plant, although it said ramp-up of the $1.5 billion growth investment remained on track.
Ramelius Resources added 1.3 per cent as it said a string of high-grade drilling results has strengthened the case for its next underground mine, reinforcing its strategy to lift gold production above 500,000 ounces a year by 2029-30.
SkyCity Entertainment rallied 7.1 per cent after it agreed to sell Auckland's Grand Hotel to an overseas buyer, with proceeds to be used to repay debt and strengthen the casino operator's balance sheet.

Sumber : AFR