The Australian sharemarket closed higher on Wednesday, led by gains in energy and mining stocks, after weaker-than-expected economic growth data strengthened expectations that the Reserve Bank of Australia (RBA) may refrain from further interest rate increases.
The S&P/ASX 200 Index rose 61.3 points, or 0.7%, to close at 8,785.7, with seven of the benchmark's 11 sectors finishing higher.
Energy stocks led the advance as crude oil prices continued to rise amid ongoing uncertainty surrounding the fragile ceasefire between Washington and Tehran.
Investors remained cautious after fresh reports of military strikes in the Middle East raised concerns over potential disruptions to global energy supplies.
Santos added 0.8%, Woodside Energy lifted 0.1%, and Viva Energy finished 4.7% higher.
Uranium stocks also attracted buying interest, with Paladin Energy and Deep Yellow among the day's leading gainers as investors continued to favour exposure to the nuclear energy sector.
Ampol rose 3.4% after receiving approval from the Australian Competition and Consumer Commission for its acquisition of EG Group Australia.
The approval followed an agreement by the fuel retailer to divest dozens of service stations to address competition concerns.
The Materials sector posted a strong performance as investors responded positively to the prospect of a less aggressive monetary policy outlook.
BHP climbed 2.4% to a fresh record high, while Rio Tinto lifted 1.6% and Fortescue Metals slipped 1.8%.
The Financial sector also contributed to the market's advance, with Commonwealth Bank up 1.1%, National Australia Bank adding 0.6%, Westpac lifting 0.7% and ANZ recording gains of 1.9%.
Investor sentiment was supported by national accounts data showing Australia's economy expanded at a slower pace than economists had anticipated during the March quarter.
The softer growth figures reinforced expectations that the Reserve Bank may pause its tightening cycle when policymakers meet later this month.
On the bond markets, Australia's 10-year government bond yield fell 0.2% to 4.914%, while the two-year yield declined 0.6% to 4.603%.
