The Australian sharemarket recovered from early losses to close higher on Wednesday, supported by strength in mining and energy stocks as commodity prices firmed.
The S&P/ASX 200 Index ended the session in positive territory, adding 70.7 points or 0.80% to 8,927.8, with four of the 11 sectors advancing.
Higher gold prices buoyed ASX-listed gold miners, with Northern Star Resources up 6.2%, Evolution Mining adding 3.9% and Newmont finishing 4.3% higher.
Major diversified miners also advanced, as BHP Group gained 4.5%, Rio Tinto added 4.3%, and Fortescue lifted 1.7%.
Energy shares were supported by firmer crude oil prices, which moved towards US$68 a barrel after the United States shot down an Iranian drone near an American aircraft carrier, heightening geopolitical tensions.
Woodside Energy gained 3.1% and Santos closed 3.4% higher.
In contrast, the technology sector shed 9.4% following a sell-off in U.S. software stocks overnight, amid concerns that advances in artificial intelligence could weigh on demand for certain companies’ products.
Xero shed 15.9%, WiseTech Global lost 10.7%, and TechnologyOne declined 10.5%.
In corporate developments, Amcor rose 3.5% after reaffirming its full-year guidance and reporting that synergies from its US$13 billion acquisition of U.S.-based Berry reached $55 million (A$78.3 million).
Charter Hall Social Infrastructure REIT fell 3.1%, despite reporting solid half-year results and upgrading its full-year distribution guidance.
On the bond markets, yields moved higher, with the 10-year and 2-year rates rising 0.1% and 0.3% to 4.859% and 4.293%, respectively.
