Australian shares rise as BHP Group, Woodside Energy shine on upbeat earnings
Australian shares advanced on Tuesday, led by mining and energy stocks after sector majors BHP Group and Woodside Energy posted strong earnings, while investors remained focused on a key local inflation data for monetary policy direction.
The S&P/ASX 200 index rose 0.2% to 8 097.8, as of 00:34 GMT. The benchmark index is now around 50 points shy of its all-time high of 8 148.7 hit on August 1.
BHP Group BHP.AX rose as much as 2.7% to hit its highest level since early August, after the miner posted a better-than-expected annual profit.
Mining stocks jumped 1.3%, supported by iron ore prices trading at a near two-week high.
Energy stocks climbed 2.4% to hit their highest level since Aug. 5, following a better-than-expected results from top energy company Woodside Energy.
Shares of Woodside were up as much as 4.1% to hit their highest level since Aug. 2.
Brent crude LCOc1 futures fell 0.25% to $81.23 a barrel while U.S. West Texas Intermediate (WTI) crude CLc1 lost 0.34% to $77.16 per barrel.
Coles rose as much as 3.2% to hit a two-year high, after Australia's second-largest grocer reported an annual profit above analysts' estimates, fuelled by strong sales at its supermarkets and improved inventory management.
Meanwhile, local investors are awaiting a crucial inflation data, due on Wednesday, which will set the tone for the central bank's policy direction ahead, with interest rates remaining at a 12-year high in the country.
US inflation data due on Friday is also on investors' radar for further clues on the Federal Reserve's rate-cut trajectory.
Overnight, the US Dow Jones Industrial Average rose 0.16% to 41 240.52 points. The S&P 500 lost 0.32% while Nasdaq was down 0.85%.
In New Zealand, the benchmark S&P/NZX 50 index retreated 0.1% to 12 574.41.
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