Miners, gold stocks power Australian shares higher; Wall Street gains add lift

St Barbara

02/10/2025 02:01

Oct 2 (Reuters) - Australian shares advanced on Thursday in a session of broad-based gains led by miners and gold stocks, with positive sentiment bolstered by Wall Street's performance.

The S&P/ASX 200 index .AXJO rose as much as 0.7% to 8,906.30 points earlier in the session, its highest since September 2, and was up 0.6% by 0032 GMT. The benchmark ended 0.1% lower on Wednesday.

Miners .AXMM led gains on the benchmark for the day by advancing 1.9% as copper prices rose. The sub-index hit its highest level since late-December 2023. MET/L

Shares of miners BHP BHP.AX, Rio Tinto RIO.AX and Fortescue FMG.AX rose between 0.9% and 1.4%.

Gold stocks .AXGD jumped to a record high, rising 2.5%, as surging bullion prices on safe-haven demand lifted the commodity. GOL/

Shares of gold miners St Barbara  SBM.AX advanced 5%, while Evolution Mining EVN.AX, Northern Star Resources NST.AX and Genesis Minerals GMD.AX were up between 1.9% and 2.6%.

Technology stocks .AXIJ rose 0.3%, tracking their overseas peers, which closed higher overnight as investors shrugged off weak private payrolls data and uncertainty around the first day of the U.S. government shutdown. .N

Wall Street gains often lift Australian markets by boosting global investor sentiment and risk appetite.

Banks .AXFJ added 0.6% to the benchmark's gains, with shares of the "Big Four" banks up between 0.3% and 0.5%.

Healthcare .AXHJ stocks advanced 1.3%, while energy stocks .AXEJ inched 0.1% higher.

Further south, New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.2% to 13,400.88 points.

Investors are now focused on next week's Reserve Bank of New Zealand policy decision, with ANZ analysts expecting a 25-basis-point rate cut to 2.75%, according to a note.

 (Reporting by Roshan Thomas in Bengaluru; Editing by Alan Barona)

 ((Roshan.Thomas@thomsonreuters.com))