The Australian sharemarket closed slightly higher on Tuesday, supported by gains in energy and mining stocks that helped counter cautious investor sentiment following a sharp rise in global bond yields.
The S&P/ASX 200 rose 14.5 points or 0.2%, to 8,579.7, with six of the 11 sectors closing in negative territory.
Overnight, Wall Street slipped, and cryptocurrencies retreated after the Bank of Japan signalled that it may lift interest rates this month, pushing bond yields higher across major markets.
On the local bourse, the Energy sector led the advance as crude oil prices firmed overnight.
Woodside Energy added 1%, while Santos and Beach Energy lifted 0.9% apiece.
Materials also moved ahead, with major miners BHP up 1.1%, Rio Tinto adding 1.7% and Fortescue Metals up 1.3%.
Rate-sensitive technology stocks lagged, with WiseTech Global and TechnologyOne each down 2.3%, Xero slipping 0.3%, while Life360 finished 2.6% lower.
In corporate news, Collins Foods dropped 3.5% despite the company reporting record first-half revenue of $750.3 million.
EVT Limited gained 1.7% after completing its acquisition of Pro-invest Hotels’ third-party management business, clearing all remaining conditions and officially launching EVT Connect Hospitality.
On the bond markets, yields pushed higher, with the 10-year rising 0.4% to 4.617% and the 2-year increasing 0.1% to 3.861%.
