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Australian equities moved higher, with the benchmark S&P/ASX 200 index touching its highest level in nearly five weeks, supported by strong gains in real estate, mining and financial stocks. Investors remained focused on the upcoming employment data for cues on inflation and the central bank's interest rate outlook. Macquarie Group also remained in focus after announcing a leadership transition, while rising gold and oil prices lifted mining and energy stocks. Market sentiment was further supported by gains in major banks and listed property companies.
Australian shares advanced during Thursday's trading session, with the benchmark S&P/ASX 200 index rising 1.1% to 8,918.8, its highest level since mid-June. The market extended gains after closing 0.3% higher in the previous session, led by strength in real estate, mining and financial stocks.
Investor attention remained on the June employment report, which is expected to provide further clarity on Australia's inflation outlook and the Reserve Bank of Australia's future interest rate decisions. Labour market data is closely watched by policymakers as it plays a key role in determining the pace of monetary policy.
Real estate stocks were among the strongest performers, with the sector index gaining nearly 2.1%. Listed property companies benefited from improved investor sentiment as expectations around interest rates remained in focus. Data centre owner Goodman Group rose more than 2%, while property group Dexus gained around 1%.
Financial stocks also recorded strong gains, with the sector climbing as much as 1.2%, marking its biggest intraday rise in more than two weeks. Commonwealth Bank of Australia, the country's largest lender by market value, advanced more than 1% to reach its highest level in around 10 weeks.
Macquarie Group edged up 0.5% after announcing that Chief Executive Shemara Wikramanayake will retire later this year following a long tenure at the investment bank. The company said Greg Ward, one of Macquarie's longest-serving executives, will succeed her as chief executive. The leadership transition comes as Macquarie continues to strengthen its global presence across infrastructure, asset management and investment banking.
Mining stocks also supported the broader market, with the sector rising as much as 2%. Gold mining companies benefited after international gold prices increased overnight, supported by a weaker US dollar and technical buying in the bullion market.
Among major miners, BHP, Rio Tinto and Fortescue each gained between 1% and 2%. Gold producers Northern Star Resources and Evolution Mining rose more than 3%, tracking the strength in gold prices.
Energy stocks extended their winning streak for a sixth consecutive session, with the sector rising as much as 1.5% to its highest level since mid-June. Crude oil prices remained elevated after continued exchanges between the United States and Iran supported global supply concerns, pushing oil futures to their highest level in more than six weeks.
Santos, Australia's second-largest independent oil and gas producer, gained 1.2% after reporting higher second-quarter sales revenue. Woodside Energy also rose 0.9%, reaching its highest level in more than a month.
In neighbouring New Zealand, the benchmark S&P/NZX 50 index also closed higher, gaining 0.3% to 13,803.06.
Source Reuters
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