The Australian sharemarket continued its upward momentum on Wednesday, extending gains for the second consecutive session and closing just below record highs.
The S&P/ASX 200 Index rose 75.1 points or 0.9% to 8,541.8, with nine of 11 sectors finishing in the green.
The energy sector led gains as crude oil prices approached two-week highs overnight.
Major energy names, including Woodside, Beach Energy, Santos and Viva Energy, posted solid advances of 2.9%, 1.5%, 0.9%, and 1%, respectively.
Financials rallied as Commonwealth Bank of Australia surged 1.4% to extended record highs, while ANZ added 1%, Westpac gained 1.5%, and NAB added 1.1%.
Major mining companies were mostly higher, as BHP gained 1%, Fortescue Metals lifted 1.6%, while Rio Tinto eased 0.3%.
Aluminium producers Alcoa and South32 gained 5.6% and 2.4%, respectively, shrugging off U.S. President Donald Trump’s move to double tariffs on aluminium and steel imports to 50%.
Uranium stocks also surged following news that Meta would ramp up investments in nuclear energy to support its artificial intelligence infrastructure.
Paladin Energy jumped 9.8% and Deep Yellow added 5.9%.
In corporate news, PointsBet jumped 10.6% after Japanese suitor MIXI raised its takeover offer from $1.06 to $1.20 per share, valuing the company at $402 million.
On the economic front, Australian gross domestic product (GDP) data disappointed. The economy grew by 0.2% in the March quarter and 1.3% annually, according to the Australian Bureau of Statistics.
Both figures fell short of expectations for 0.4% quarterly and 1.5% annual growth.
On the bond markets, 10-year yields were steady at 4.261%, while two-year yields dipped 0.3% to 3.293%.
