The benchmark S&P/ASX 200 Index added 14.6 points, or 0.2 per cent, to 7,206.9 at the close. The All Ordinaries also climbed 0.2 per cent.
The Australian sharemarket edged higher in a lacklustre session as investors await key inflation data out of the US on Wednesday to help gauge whether the Federal Reserve is near it’s peak cash rate.
While the pace of inflation in the world’s largest economy has slowed sharply from last year’s four-decade high, it remains above the Fed’s 2 per cent target. And bond traders have been upping their bets that the central bank has more work to do. Iron ore prices added 4 per cent to more than US$117 a tonne on Tuesday as traders cheered some better-than-expected new bank lending data from China and eyed more stimulus for the nation’s property sector.
. Shares of St Barbara gained 2.7 per cent to 19¢ and Northern Star Resources rose 0.9 per cent to $11.28, Ramelius Resources jumped 3.9 per cent to $1.32 and Silver Lake Resources increased 1.6 per cent to 95¢.The energy sector was the biggest drag on the sharemarket, falling 1.4 per cent. Woodside Energy lost 1.5 per cent to $37.69, Santos slid 1.3 per cent to $7.72 even as it secured $US850 million in a 10-year bond sold to US investors, and Ampol fell 1.3 per cent to $34.16.
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