Australia shares are up as lithium miners shine but tech stocks hold gains.
The benchmark index of Australian shares rose a little bit on Wednesday, as lithium stocks led the rally in commodities stocks. A slump in technology stocks dampened the gains.
By 2352 GMT, the S&P/ASX 200 Index rose by 0.2% to 8,836.90. The benchmark index ended Tuesday 0.2% lower.
Copper prices have pushed domestic miners to their highest levels since October 22.
Mineral Resources, a lithium miner, also gave the sub-index a boost. Its stock rose 10.8% and reached its highest level since 10 October 2024.
The miner signed a deal to sell 30% of its operational lithium business to South Korea's POSCO.
Liontown Resources' shares rose as high as 5.6%, reaching their highest level since June 4, 2024. This was after the company partnered with Metalshub in order to digitalise spot sales of its flagship Kathleen Valley Lithium project.
The energy stocks' stellar run continued from last week, as the index rose by 1% and is on track to its fifth consecutive session with gains.
The sector has reached its highest level since September 8 due to higher global oil prices.
Woodside Energy and Santos both rose by 1.5%.
Gold stocks rose 1% on the backs of higher bullion.
Evolution Mining's share price rose by 2.9%.
Xero fell 1.8%. Technology stocks dropped 2.9%, their lowest level since May 9. Data centre operator NextDC lost 2.3%.
Financials were largely flat, as the top lender CBA continued its decline by 1% while the rest of "Big Four" traded in green.
Other stocks on the stock exchange were flat, while real estate stocks dipped 0.2%.
As of 2352 GMT, the benchmark S&P/NZX 50 Index for New Zealand was mostly flat.
(source: Reuters)
