Australian equities jumped 109 points or 1.2% to breach the 9,000 level in early deals on Wednesday, advancing for the third straight session and reaching their highest level since early March.
Stronger U.S. futures underpinned the rally after Wall Street closed mostly higher, buoyed by optimism over U.S.–Iran peace talks.
Gains were broad-based across tech, healthcare, non-energy minerals, and commercial services, though momentum was tempered by caution ahead of June and Q2 inflation data due later today.
Persistent price pressures remain in focus despite three RBA hikes this year, and Governor Michele Bullock reiterated the board’s readiness to tighten further if needed.
Among individual stocks, Rio Tinto surged 4.5% after lifting its interim dividend on the back of a 47% profit jump.
Meanwhile, Woodside Energy added 0.9% following a 28% rise in quarterly revenue.
The big four banks lagged, however, with trading subdued against the broader market’s upswing.