Australian stocks were essentially unchanged on Tuesday, with losses in gold, mining, and consumer sectors canceling out gains made by banks and technology companies. Adding a bright spot to the session, software giant WiseTech Global climbed to its best level in almost three weeks following the announcement of a new chairperson.
The S&P/ASX 200 index dipped 0.1% to 8,824.70 by 0012 GMT, following a 0.2% decline the previous Monday. U.S. markets surged overnight, and oil prices settled back near levels seen before recent Iran-related tensions.
Traders were closely monitoring ongoing discussions between the United States and Iran regarding the future of shipping through the Strait of Hormuz, along with the pace of recovery in Gulf oil exports.
Attention was also focused on the upcoming release of minutes from the U.S. Federal Reserve’s June meeting, scheduled for Wednesday, which could offer insight into the interest rate outlook under Chairman Kevin Warsh.
In Sydney, gold-related stocks dropped 1.5% as bullion prices softened. Northern Star Resources, Australia’s largest publicly listed gold miner, fell 1.2%.
The broader mining sector lost 0.7%, with iron ore heavyweight Rio Tinto sliding 0.9%. Consumer staples edged down 0.1%, with supermarket chains Woolworths and Coles slipping 0.4% and 0.5%, respectively.
Financial stocks helped cushion the overall losses, gaining 0.4%. The country’s four major banks each rose between 0.2% and 0.3%.
Technology shares advanced 0.7%, following the lead of overnight gains on the Nasdaq, putting the sector on pace for a third consecutive session in positive territory.
WiseTech Global surged as much as 8.1% after the company named Raelene Murphy as its new independent chair. Co-founder Richard White will continue in his dual roles as executive director and chief innovation officer.
Healthcare stocks gained 0.7%, reaching their highest point in roughly two and a half months, driven by investors shifting money into the previously beaten-down sector.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index climbed 0.2% to 13,797.33, also on track for a third straight session of gains.
Attention in New Zealand is now turning to the Reserve Bank of New Zealand’s policy meeting on Wednesday. Economists surveyed by Reuters widely expect policymakers to raise interest rates for the first time in more than three years.
