The Australian sharemarket closed marginally higher on Thursday, supported by a rebound in mining stocks after the United States Federal Reserve delivered a widely expected rate cut that buoyed precious metals overnight.
The S&P/ASX 200 index rose 12.6 points or 0.2% to 8,592.0, even as six of the 11 major sectors finished lower.
Materials stocks led the advance, with gold and silver miners again in focus - Evolution Mining added 0.8% and Newmont gained 2.1%, while Unico Silver gained 2.2%, Andean Silver rallied 5.5%, and Sun Silver Star added 7.7%.
Major diversified miners also contributed to the market’s strength, with Rio Tinto up 1.8%, BHP gaining 1.3% and Fortescue Metals advancing 0.4%.
Technology shares weighed on the broader index. Risk appetite faded after Oracle tumbled in U.S. trade, driven by weaker-than-expected second-quarter revenue.
Local tech names followed suit, with Xero down 1.3%, WiseTech Global and Life360 falling 2.2% apiece, and TechnologyOne declining 1.4%.
Megaport also fell 3.1% after completing its non-underwritten share purchase plan, raising approximately $18.2 million at $13.06 per share.
Financial stocks ended mostly higher. NAB, Westpac and ANZ posted gains of 1%, 1.3% and 0.4%, respectively, while Commonwealth Bank slipped 0.7%.
Real estate investment trusts rose modestly, with Mirvac up 1%, Lendlease gaining 0.6%, Scentre Group up 4% and Vicinity Centres lifting 2.4%.
Consumer names were among the session's strongest movers. Myer Holdings surged 9.8% after reporting record Black Friday trading and confirming that billionaire retailer Solomon Lew will join its board in April.
Flight Centre jumped 5.4% after acquiring UK-based online cruise agency Iglu, prompting the travel group to upgrade its profit guidance.
Origin Energy added 0.4% as it announced plans to further expand its large-scale battery at the Eraring coal-fired power station in New South Wales, backed by an $80 million investment.
Bond yields were lower across the curve, with the 10-year yield down 0.9% to 4.726%, and the 2-year rate falling 1.2% to 4.037%.
