The Australian sharemarket closed higher on Tuesday, buoyed by a strong earnings result from BHP that propelled the mining heavyweight to a record closing high.
Trading volumes were subdued, with Wall Street closed overnight for the Presidents’ Day holiday and mainland China shut for the Lunar New Year week.
The S&P/ASX 200 gained 21.8 points or 0.2% to 8,958.9, despite only four of the 11 sectors ending in positive territory.
Materials was the standout sector, driven by a 28% rise in BHP’s first-half profit to US$5.64 billion (A$7.96 billion), supported by stronger copper earnings and improved margins.
BHP also secured a $4.3 billion upfront payment under a long-term silver financing agreement with Wheaton Precious Metals, adding further momentum to the stock, which surged 4.7% to a record close of A$52.74.
Among peers, Rio Tinto edged 0.2% higher, while Fortescue closed 0.5% lower.
Elsewhere in the sector, Sims Limited fell 4% after swinging to a half-year loss of A$29.9 million.
Technology stocks remained volatile amid ongoing concerns about the potential disruptive impact of artificial intelligence on software companies.
Shares in WiseTech Global fell 1.6%, Xero dipped 0.7%, and Life360 lost 0.6%.
Real estate investment trusts were also weaker, with Goodman Group down 1.4%, Charter Hall Group slipping 0.5%, and Stockland declining 3.2%.
Retailer JB Hi-Fi outperformed, jumping 8.1% after receiving an analyst upgrade following its half-year report on Monday.
Judo Bank pared earlier gains to close 2.4% higher after raising its net interest margin guidance to 3.15%, ahead of market forecasts. The lender reported a 46% increase in first-half profit to $59.9 million.
Reliance Worldwide dropped 9.1% after reporting a tougher-than-expected first half, with adjusted EBITDA down 5% to US$111 million.
Online employment marketplace Seek fell 3.3% after flagging downside risks from weaker volume growth and reporting an A$178 million loss from continuing operations for the half-year.
On the bond markets, Australian government yields declined, with the 10-year yield down 0.6% to 4.691% and the two-year yield falling 0.9% to 4.174%.
