Australian Shares Extend Recovery Amid Miner Rally on Higher Metal Prices

Australian Shares Extend Recovery Streak

Market Overview The Australian share market continued its recovery trend on March 11, following a recent selloff linked to the Middle East war. The S&P/ASX 200 index rose 0.2% to 8,713.10 as of 2339 GMT, building on Tuesday's 1.1% gain.

Mining Stocks Lead the Charge Mining stocks drove the market's recovery, with a 1.5% increase in the sector. BHP Group shares climbed 1.1%, while Rio Tinto gained 0.7%. Lynas Rare Earths surged 14.8% to its highest level since October 21, following an extension of its rare earths supply agreement with Japan Australia Rare Earths to 2038.

Gold and Energy Stocks Also Rise Gold stocks rose 1.6%, driven by a nearly 2% increase in gold prices overnight. Northern Star Resources gained 2.5%, while Evolution Mining advanced 0.5%. Energy stocks also rose 0.5%, with Woodside Energy and Santos adding 0.3% and 0.8%, respectively.

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Financial and Insurer Stocks Perform Well Financial stocks rose 0.5%, with ANZ Group leading gains at 1%. Commonwealth Bank of Australia and National Australia Bank added 0.8% and 0.7%, respectively. Insurers also lifted the sub-index, with QBE Insurance up 1.4% and Insurance Australia Group climbing 1%.

Technology Stocks Fall Technology stocks fell 1.3%, mirroring Wall Street's overnight drop. WiseTech Global dropped 2.8%, while Xero slipped 1.6%.

New Zealand Market also Rises New Zealand's benchmark S&P/NZX 50 index rose 0.8% to 13,194.21.