Australian shares rose on Wednesday, as gains in banks and healthcare stocks outweighed losses in commodity-related sectors, as investors awaited March quarter economic growth data due later in the week. day, for further indication.
The S&P/ASX 200 Index rose 0.2% to 7,750.7 by 0030 GMT. The benchmark fell 0.3% on Tuesday.
Gross domestic product (GDP) data due at 0130 GMT is likely to show growth of 0.2%, according to a Reuters poll.
Data released on Tuesday showed Australia’s current account unexpectedly went into deficit in the March quarter, due to rising imports and falling commodity export prices, which could take away some of GDP.
The stock market’s gains were led by healthcare companies, with the sub-index rising 1.1% to a three-week high. The real estate sub-index rose 1.6%.
Rate-sensitive financials rose 0.5%, with the “Big Four” banks rising between 0.3% and 0.7%.
Bucking the trend, asset-rich stock market miners fell 1.4%, nearing a one-month low. Industry giants BHP, Rio Tinto and Fortescue traded down 1.1%, 1.2% and 0.7% respectively.
Iron ore futures were near seven-week lows as signs of weakening demand in China, the top consumer, and still high port inventories weighed on the market.
Gold shares fell 1.8% after prices of the metal fell overnight on caution over the U.S. Federal Reserve’s interest rate strategy.
Energy sector stocks fell 1.1%, while global oil prices fell on investor concerns about weak demand.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index fell 0.1% to 11,863.6. (Reporting by Prerna Bedi in Bengaluru; Editing by Subhranshu Sahu)
