The Australian share market closed higher on Tuesday, advancing for a fourth consecutive session and reaching fresh eight-week highs.
The S&P/ASX 200 rose by 73.5 points, or 0.9%, to finish at 8,070.6. Ten of the 11 sectors ended the day positive.
Energy stocks led the rally, with the sector gaining 2.5%. Woodside Energy, Santos, Beach Energy, and Viva Energy posted gains of 1.5%, 1.8%, 5.2%, and 3.9%, respectively.
Boss Energy finished 14.3% higher after reporting strong operational and financial results for the March quarter. Investors were particularly encouraged by news that Boss recorded its first free cash flow from its flagship Honeymoon project in South Australia during the period.
Materials stocks also saw solid gains, rising around 1.4% overall. Major miners Rio Tinto and BHP advanced 1.4% apiece, while Fortescue Metals surged 5.8% after posting higher third-quarter iron ore shipments. The increase came despite a 7% quarter-on-quarter decline caused by severe weather disruptions, including a five-day closure of Port Hedland and impacts from Tropical Cyclone Zelia.
Meanwhile, automotive parts suppliers PWR Holdings, Amotiv, and ARB Corporation all closed higher after the White House announced late in the U.S. session that it would ease the impact of automotive tariffs by reducing duties on some imported parts.
The Australian dollar also touched four-month highs of 0.6449 against the United States dollar, as Reserve Bank of Australia's Assistant Governor Kent flagged a sharp rise in currency volatility during early April, which caused the largest daily decline of 4.5% against the U.S. dollar outside of the global financial crisis.
On the bond markets, yields climbed across the curve. The 10-year Australian government bond yield rose by 0.4% to 4.151%, while the 2-year yield increased by 0.6% to 3.280%.
