Australian shares inch higher on mining boost; set for best month since IG News

Australian shares rose slightly on Tuesday, set for their best month in more than two years, as investors globally awaited policy decisions from a number of central banks, including the US Federal Reserve.

The S&P/ASX 200 index rose 0.2% to 7,498.6 as of 23:45 GMT, with gains in miners offset by losses in technology and energy stocks. The benchmark index has gained over 6.6% so far this month and is on track for its biggest monthly gain since November 2020. Inflation down.

In Australia, retailers Woolworths and Coles gained 1.9% and 2.2% respectively. Meanwhile, Australian retail sales posted their biggest decline in more than two years in December as rising prices and higher interest rates finally took a toll on spending, a surprisingly soft result that suggests tighter policy worked as intended. is working Miners added 0.3%, with iron ore giants BHP Group, Rio Tinto and Fortescue Metals all trading in positive territory. Healthcare shares gained 1%. Resmed’s Australian shares jumped nearly 3%, while CSL was up 1.1%.

Energy shares declined 0.4% on a fall in crude oil prices. Sector majors Woodside and Santos declined 0.6% each. Individual shares Original Energy was down 0.8% even after it reported a jump in second-quarter revenue from the company’s stake in the Australia Pacific LNG (APLNG) project. Software services provider Megaport was the top loser on the benchmark index, plunging over 20% on weak trading update.

Australian shares fall due to miners and financial burden; Fed, RBA meetings in focus

Babs Australia slumped 12.7% and was staring at its worst session since November 28, with the dairy maker reporting a 28% drop in second-quarter revenue, hurt by a weak performance in China. Lithium miners Pilbara Minerals and Mineral Resources were each down more than 3%. New Zealand’s benchmark S&P/NZX 50 index fell 0.2% to 12,008.3.