Australia: Shares rise on energy boost; US inflation data in focus

AUSTRALIAN shares rose for a fourth straight session on Tuesday, as energy and mining stocks extended gains on strong commodity prices, while investors awaited US inflation data that could influence the size of the Federal Reserve's next rate hike.

The S&P/ASX 200 index had climbed 0.7 per cent by 0014 GMT, adding 4 per cent in the past four sessions.

US consumer price index data for August, due later in the day, will be scrutinised for any signs regarding the number and size of future interest rate hikes from the Fed.

Energy stocks led the gains in Australia with a 1.4 per cent jump and were set for their best day in more than a week if gains hold.

Oil and gas majors Woodside Energy and Santos rose 1.4 per cent and 2.2 per cent, respectively.

Miners climbed 0.9 per cent, with iron ore behemoths BHP and Rio Tinto up 0.4 per cent and 0.8 per cent respectively.

Technology stocks advanced 0.6 per cent, tracking gains in their Wall Street peers.

ASX-listed shares of Block Inc rose 0.5 per cent, while battery materials and technology firm Novonix climbed 6.2 per cent to lead the gains on the sub-index.

Financials added 0.8 per cent, with the "big four" banks rising nearly 1 per cent each.

Gold stocks gained 1.5 per cent on higher bullion prices. Newcrest Mining, the country's biggest gold miner, rose 1.1 per cent.

In corporate news, hospital operator Ramsay Health Care said a consortium led by private equity giant KKR & Co had written to the company to say that it would not raise its A$14.5 billion buyout offer.

New Zealand's benchmark S&P/NZX 50 index inched 0.04 per cent higher to 11,815.92. REUTERS


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