Australian shares edge higher as miners, energy firms outweigh consumer weakness

Viva Energy

15/04/2025 02:24

April 15 (Reuters) - Australian shares posted marginal gains on Tuesday, supported by energy stocks and miners, though the upside was limited as consumer discretionary firms came under pressure due to U.S.-China trade tensions and domestic political uncertainty.

The S&P/ASX 200 index .AXJO held its ground, up 0.2% at 7,766.80 points by 1232 GMT.

Miners .AXMM advanced as much as 0.7% to their highest point in nearly two weeks, extending gains to a fourth consecutive session on robust iron ore and metal prices. MET/LIRONORE/

Shares of industry heavyweights Rio Tinto RIO.AX, BHP BHP.AX and Fortescue FMG.AX rose between 0.5% and 1.5%.

Energy stocks .AXEJ added more than 1% as oil prices edged higher on tariff exemptions, with Viva Energy VEA.AX and Santos STO.AX leading the sub-index with gains of 3.4% and 2.1%, respectively. O/R

Bucking the broader market trend, consumer discretionary firms .AXDJ were the biggest laggards, dropping as much as nearly 1% and snapping a two-day winning streak. Leading the losses in the sub-index were Breville Group BRG.AX and Aristocrat Leisure ALL.AX, both falling 1.5%.

Political uncertainty ahead of the May 3 election weighed on consumer stocks, with the possibility of a hung parliament despite Labor's improving polls creating caution around sectors vulnerable to household spending shifts.

In company news, shares in Collins Foods CKF.AX slipped as much as 2.7% after the fast food chain operator announced plans to exit its underperforming Taco Bell business.

Investors remained cautious about U.S.-China trade relations after U.S. President Donald Trump exempted electronics and semiconductors from new duties. Beijing has struck back at Washington on every measure but said it won't respond to further U.S. tariff hikes.

Local traders await minutes of the Reserve Bank of Australia's latest policy meeting, due around 0130 GMT, as well as the jobs data and New Zealand's quarterly inflation figures on Thursday.

In New Zealand, the benchmark S&P/NZX 50 index .NZ50 fell 0.2% to 12,082.43 points.

 (Reporting by Roushni Nair in Bengaluru; Editing by Sherry Jacob-Phillips)

 ((Roushni.Nair@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