ASX Advances Led by Miners and Property Stocks Amid Consumer Confidence Slump

The Australian sharemarket posted gains on Tuesday, driven by a tech-led surge on Wall Street, despite concerns over rising bond yields. The S&P/ASX 200 climbed 49.30 points, or 0.6 percent, to close at 8735.70. Nine of its 11 sectors finished in positive territory. The Australian dollar remained steady at US69.64¢.

The market’s advance occurred even as consumer confidence plummeted following the Reserve Bank’s decision to raise the cash rate to 4.6 percent, its highest level in 15 years. The Westpac-Melbourne Institute consumer sentiment index dropped 4.7 percent to 80.4 in October, its lowest point since the Middle East conflict in April. For respondents surveyed after the RBA’s rate hike, the index fell to 67.2, the lowest since the late 1990s.

Real estate investment trusts led the gains, with Scentre and Vicinity rising 2.7 percent and 3.2 percent, respectively. Property developers Stockland and Mirvac also saw increases of 2.5 percent and 1.6 percent. Meanwhile, mining stocks were mixed, with BHP, Rio Tinto, and Fortescue gaining 1.6 percent, 1.1 percent, and 1.4 percent, while gold miners Northern Star, Evolution Mining, and Newmont saw declines.

Wall Street’s tech rally did not fully translate to the local market, with electronic component maker Codan slumping 4.3 percent. Software makers WiseTech Global and Technology One also fell, along with AI data centre operator NextDC. Energy stocks were similarly mixed, with oil prices steadying after a two-day drop due to rising Persian Gulf exports and a price cut by Saudi Arabia.