Australian shares extend recovery as miners rally on strong metal prices

Lynas Rare Earths

11/03/2026 24:35

March 11 (Reuters) - Australian shares extended their recovery streak on Wednesday after a recent selloff linked to the Middle East war, as investors purchased mining stocks, with stronger iron ore and gold prices lifting the sector.

The S&P/ASX 200 index .AXJO was up 0.2% at 8,713.10, as of 2339 GMT. The benchmark ended 1.1% higher on Tuesday.

Equities moved toward recovery following a recent selloff driven by inflation worries linked to volatile energy prices. Market disruptions caused by the Middle East conflict had nearly wiped out gains made earlier in the year, leaving the benchmark index trading flat on a year-to-date basis.

U.S. President Donald Trump predicted the conflict could end soon even as the United States and Israel intensified airstrikes on Iran, pushing oil prices higher amid concerns over supply disruptions.

Mining stocks .AXMM rose 1.5%, supported by stronger iron ore prices, with BHP Group BHP.AX shares climbing 1.1% and Rio Tinto RIO.AX gaining 0.7%.

Lynas Rare Earths LYC.AX surged as much as much as 14.8% to its highest since October 21 after extending its rare earths supply agreement with Japan Australia Rare Earths to 2038.

Gold stocks .AXGD rose 1.6%, supporting the mining sub-index as gold prices climbed nearly 2% overnight on a weaker U.S. dollar and easing inflation concerns. GOL/

Northern Star Resources NST.AX gained 2.5%, while Evolution Mining EVN.AX advanced 0.5%.

Financial stocks also moved higher, rising 0.5%. Among the "big four" banks, ANZ Group ANZ.AX led gains with a 1% increase, followed by Commonwealth Bank of Australia CBA.AX, which added 0.8%, and National Australia Bank NAB.AX that climbed 0.7%.

Insurers lifted the sub-index as well, with QBE Insurance QBE.AX up 1.4%, while Insurance Australia Group IAG.AX climbed 1%.

Energy stocks .AXEJ rose 0.5%, as oil prices climbed while supplies from the Gulf remained constrained. O/R

Oil and gas producers Woodside Energy WDS.AX and Santos STO.AX added 0.3% and 0.8%, respectively.

Technology stocks fell 1.3%, in line with Wall Street's overnight drop as investors fretted over the prospects of a war-induced economic stagflation. .N

WiseTech Global WTC.AX dropped 2.8% and XeroXRO.AX slipped 1.6%.

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.8% to 13,194.21.

 (Reporting by Nichiket Sunil in Bengaluru; Editing by Sherry Jacob-Phillips)

 ((Nichiket.Sunil@thomsonreuters.com;))

For more information on DIARIES & DATA: U.S. earnings diary  RESF/US   Wall Street Week Ahead   .N/O Global Economy Week Ahead DATA/ ................................................................ For latest top breaking news across all markets          NEWS1