Australian shares advance as miners gain, lower crude boosts sentiment

According to Business Recorder, Australian equities rose on Tuesday, with mining and financial heavyweights providing the main lift. Lower oil prices also brightened sentiment among traders. In early trade the S&P/ASX 200 gained 0.4% to 9,143.50 points, building on a 0.5% advance the previous day.

Oil futures eased as traders took profits after recent gains, shrugging off an announcement by US Treasury Secretary Scott Bessent that broader secondary sanctions could be imposed on parties dealing with Iran. Energy shares bucked the trend, touching a four-month peak with gains of up to 1.8% and extending their winning run to seven sessions. Woodside Energy rose close to 3% after its first-half profit beat estimates, and the company expects further trading gains from cargoes redirected to markets offering better prices amid the Middle East crisis.

Miners lifted the index most, as the mining sub-index advanced 0.8% in a fourth straight session on firm commodity prices. BHP Group gained 1.3% and Rio Tinto 0.7%. Gold stocks climbed as much as 1.5%, reaching their highest point since March 6, while Coles Group dipped 0.3% after a softer-than-expected opening to fiscal 2027.