The Australian sharemarket climbed on Wednesday, buoyed by strong gains across Health Care, Materials and Financials, as surging gold prices and easing regulatory headwinds for banks lifted sentiment.
The benchmark S&P/ASX 200 Index rose 91.5 points, or 1%, to 8,990.9, with 10 of the 11 sectors finishing higher.
Health Care led the advance, with CSL up 2.6%, Cochlear rising 1%, and Ramsay Health Care gaining 1%.
Diagnostic and therapeutic group Telix Pharmaceuticals jumped 16.3% after the company upgraded its FY25 revenue guidance, citing stronger-than-expected product demand.
The Materials sector also contributed to the day’s gains as gold miners benefited from a new record in bullion prices. Spot gold surged to US$4,185 per ounce, fuelled by heightened U.S.-China trade tensions and growing expectations of two additional Federal Reserve rate cuts this year.
Among gold miners, Newmont Resources added 1.5%, and Perseus Mining advanced 1.2%.
Shares in Evolution Mining bucked the trend, falling 2.9% despite reaffirming its FY26 production and cost guidance. The company reported an all-in sustaining cost of $1,724 per ounce in its latest trading update.
Among major miners, BHP gained 1.8%, Fortescue Metals rose 2.1%, and Rio Tinto added 1.8%.
Financial stocks also strengthened, led by the major banks. Commonwealth Bank rose 1.5%, National Australia Bank added 1.9%, and ANZ climbed 0.5%.
Westpac gained 2% after the prudential regulator lifted an A$500 million capital penalty imposed over a money-laundering scandal, acknowledging the bank’s completion of a multi-year risk transformation program.
Elsewhere, Bank of Queensland added 1.4% after announcing an increased dividend and improved annual profit.
On the bond markets, 10-year yields fell 1.1% to 4.222%, while 2-year rates edged up 0.2% to 3.439%.
