Mining and energy stocks lift Australian shares on commodity boost

According to Business Recorder, Australian shares edged higher on Wednesday as miners and energy producers led the gains. The S&P/ASX 200 added 0.2% to reach 8,942.60 by 0016 GMT, recovering from a 1% fall the previous day. The resources sub-index rose 0.9% as copper touched a record high, while crude hovering close to $100 a barrel weighed on wider sentiment.

Energy stocks gained 1.5% for a third straight session as oil climbed for a fourth day after Iran launched fresh strikes against American military targets in the Middle East. Mining heavyweights BHP, Rio Tinto and Fortescue advanced 2.7%, 2.1% and 1.5% respectively, while Woodside Energy and Santos rose 2.5% and 1.6%. Healthcare was the laggard, slipping as much as 1.8%, with CSL falling as much as 2.7% after trading ex-dividend.

Separately, deputy governor Andrew Hauser said the Reserve Bank of Australia will debate a rate hike at its meeting this month, with inflation still too high. The central bank has raised its key cash rate three times this year, and bets put the chance of a quarter-point increase at its September 29 meeting at 74%.