Australian Shares Rise as Miners Lift

The S&P/ASX 200 Index rose 0.33% to close at 7,253 on Tuesday, erasing losses from earlier in the session, with Australian miners leading the charge as a policy relief for China’s property sector boosted metals prices.

Heavyweight iron ore miners led the market higher, with gains from BHP Group (2.1%), Fortescue Metals (2.2%) and Rio Tinto (3.5%).

Technology, healthcare and clean energy-related firms also advanced, including Xero (1%), CSL Ltd (0.8%) and Pilbara Minerals (1.6%).

Meanwhile, oil giant Woodside Energy fell 0.3.5% after releasing production guidance for 2023 that came in below expectations, while Santos gained 1.1% even after announcing that its John Brookes platform will suspend operations temporarily due to a small gas leak.