ASX Bounces Ahead of US Rate Decision

The Australian sharemarket rebounded on Wednesday after oil prices paused in their rally, ahead of the US Federal Reserve's interest rate decision. The S&P/ASX 200 rose 24 points or 0.3% to 8696.50, with seven out of its 11 sectors in the green.

Energy stocks led the gains, despite oil prices easing as a US industry report pointed to a rise in stockpiles. Brent fell towards $US108 a barrel after jumping 4% over the previous two sessions, while West Texas Intermediate was near $US105. Local oil and gas giant Woodside rose 2.8%, its rival Santos added 2.1%, while refiners Ampol and Viva Energy gained 2.5% and 3.3%, respectively.

Mining stocks also bounced up in the afternoon, with iron ore and copper heavyweights BHP, Rio Tinto, and Fortescue up 1.6%, 1.1%, and 2%, respectively, as prices for the metals rose. The big four banks ended mixed after their losses on Tuesday, with Commonwealth Bank down 0.6%, National Australia Bank down 0.5%, and ANZ Bank down 0.3%, while Westpac added 0.2%.