The Australian share market ended Tuesday’s session slightly higher, as gains from major miners and healthcare companies weighed against a retreat in financial stocks.
The S&P/ASX 200 closed 9 points or 0.1% higher at 8,677.2, with six of the eleven sectors finishing in positive territory.
Materials lead the advance, boosted by a rise in iron ore prices after China unveiled plans to construct the world’s largest hydroelectric dam.
BHP added 2.6%, Rio Tinto gained 3.4%, and Fortescue Metals added 3.3%.
The Healthcare sector also gained, with CSL up 3.4%, Pro Medicus adding 2.1% and ResMed increasing 1.1%.
Financials were the biggest drag on the index, with losses across major banks. Commonwealth Bank shed 3.1%, Westpac lost 1.3%, NAB fell 2.7%, and ANZ lost 0.8%.
Among individual movers, Insignia Financial surged 12.2% after private equity firm CC Capital launched a $3.3 billion takeover bid, offering $4.80 per share.
Champion Iron jumped 5.2% to its highest level since 25 March after announcing a new partnership with Nippon Steel and Sojitz to develop the Kami iron ore project in Canada.
Gold miner Perseus Mining rose 4% after reporting promising drilling results at its Nyanzaga Gold Project in Tanzania, which reached a final investment decision in April.
Perpetual added 0.7% after issuing its fourth quarter FY25 business update, reporting total assets under management (AUM) of $226.8 billion, an increase of 2.5% from A$221.2 billion.
AMP eased 0.3%, paring earlier losses after hitting a five-month high on Monday following a well-received trading update.
Among data releases, Investors digested the Reserve Bank of Australia’s July meeting minutes, which revealed the central bank’s decision to hold interest rates steady at 3.85% was driven by the need for further clarity on inflation.
On the bond markets, 10-year and 2-year yields were steady at 4.307% and 3.325%, respectively.
