Australian shares edged higher on Wednesday as strength in mining and energy stocks outweighed broad-based weakness across the market.
The S&P/ASX 200 Index rose 29.7 points, or 0.3%, to close at 8,823.0, despite eight of the 11 sectors finishing lower.
The Materials sector led gains throughout the session as investors bought into major miners after copper climbed overnight and gold prices rebounded.
Among the major miners, BHP and Rio Tinto each gained 2.5%, while Fortescue added 0.3%.
Gold producers also advanced in line with higher bullion prices. Northern Star Resources climbed 3.5%, Evolution Mining rose 4.3%, and Newmont gained 3.5%.
Lynas Rare Earths fell 3.6% after revealing the estimated cost of expanding its Malaysian heavy rare earths processing facility had increased from A$180 million to $294 million, citing additional equipment requirements and higher construction costs.
The Energy sector also provided support as crude oil prices extended gains on escalating Middle East tensions.
Santos rose 1.0%, Woodside Energy added 1.3%, Beach Energy gained 0.6%, and Viva Energy advanced 1.6%.
Paladin Energy was among the session's strongest performers, surging 6.7% after forecasting uranium production from its flagship Langer Heinrich mine would increase to 5.1-5.6 million pounds in the 2026–27 financial year once operational ramp-up is complete.
Healthcare was the weakest-performing sector, with Cochlear leading declines on the benchmark index, falling 4.9%. CSL dropped 2.8%, Sonic Healthcare lost 1.5%, and Pro Medicus declined 3.7%.
Technology stocks also weighed on the market. TechnologyOne fell 2.3% while Xero lost 2.6%.
WiseTech Global eased 0.5% after announcing the acquisition of an artificial intelligence-powered supply chain technology company for $10 million to strengthen its VerifyWise governance platform.
Among individual movers, Wesfarmers declined 2.1% after the company and its Chilean joint venture partner approved a $1.4 billion expansion of their $2.6 billion lithium mine in Western Australia, reinforcing their long-term outlook for lithium demand.
SkyCity Entertainment jumped 12.2% after agreeing to sell Auckland's Grand Hotel to an overseas buyer, with proceeds earmarked to reduce debt and strengthen the casino operator's balance sheet.
On the bond markets, Australian government yields eased, with the 10-year yield slipping 0.04% to 4.977% and the two-year yield falling 0.08% to 4.573%.
