Australian Shares Gain for Second Session
The S&P/ASX 200 Index increased by 0.2% to over 8,850, marking its second consecutive session of gains, driven by a Wall Street rally and improved consumer sentiment in Australia, which rose 12.8% in November. Financial stocks like ANZ Group and Westpac Banking saw gains, while Commonwealth Bank fell 4.5% due to poor quarterly results. Resource stocks also performed well, with notable increases from Lynas Rare Earths and Pilbara Minerals.
The S&P/ASX 200 Index rose 0.2% to above 8,850 on Tuesday, climbing for the second straight session after Wall Street rallied overnight on the back of a rebound in AI names and hopes that the prolonged US government shutdown may soon end.
In Australia, a private survey showed consumer sentiment jumped 12.8% month-on-month in November, the strongest increase in years amid clearer signs of economic recovery and easing external risks.
Financial stocks led gains, with ANZ Group, Westpac Banking, and Macquarie Group climbing 1% to 1.5%, though Commonwealth Bank dropped 4.5% after disappointing quarterly results.
Resource stocks also continued to rally on stronger underlying prices, including Lynas Rare Earths (1.3%), Pilbara Minerals (5.1%), Northern Star Resources (4%), and Woodside Energy (1%).
