Australian shares rose modestly during Thursday's session, marking a seventh consecutive session of gains as support from banking and technology stocks helped offset weakness in the mining and energy sectors.
The S&P/ASX 200 Index added 17.9 points or 0.2% to 8,297.5. Seven of the index’s 11 sectors finished in positive territory, with technology leading the advance.
Tech shares followed the upbeat tone set by U.S. counterparts, with Nvidia and Tesla surged more than 4% overnight.
On the ASX, WiseTech gained 1.9%, and Xero jumped 4.7% after reporting a 30% rise in full-year profit.
Bank stocks also supported the market, rebounding after a stronger-than-expected jobs report tempered expectations for interest rate cuts.
Commonwealth Bank rose 1.3%, ANZ gained 1.7%, National Australia Bank climbed 1.4%, and Westpac lifted 0.8%.
However, mining stocks retreated as iron ore prices pulled back from recent highs. BHP, Rio Tinto, and Fortescue Metals falling 0.7%, 0.4%, and 1.1%, respectively.
The energy sector also slipped after its recent strong performance, with oil prices dropping nearly 2%, ending a week-long rally.
Beach Energy fell 0.8%, Santos eased 0.2%, and Woodside Energy lost 1.8%.
In corporate news, NRW Holdings plunged 8.3% after the company warned that a move by the South Australian government to streamline the sale of Whyalla steelworks could “seriously undermine” the $113.3 million it is owed.
Graincorp rose 8.8% after lifting its full-year earnings guidance, citing strong harvests on the east coast and robust volumes from Queensland and New South Wales.
Treasury Wine Estates declined 5.2% after announcing the departure of CEO Tim Ford, who will step down later this year. He will be succeeded by Sam Fischer, currently head of Lion.
Insurance Australia Group added 5.7% following its announcement that it will enter a strategic alliance with The Royal Automobile Club of Western Australia to provide general insurance products and services.
On the data front, Australia’s jobless rate held steady at 4.1% in April, as employment surged by 89,000, Australian Bureau of Statistics (ABS) data showed.
On the bond markets, yields rose slightly, with 10-year and 2-year Australian government bond rates climbing to 4.546% and 3.617%, respectively.
