ASX edges higher despite mixed sector performance
Australia's share market has scraped together a meagre improvement after green shoots of optimism on Iran and AI amounted to little for stock prices.
The S&P/ASX200 advanced 25.9 points on Tuesday, up 0.3 per cent, to 8,757.8, as the broader All Ordinaries gained 31.9 points, or 0.36 per cent, to 8,951.
Energy stocks were heavy as oil prices eased on reports the US and Iran could be looking to revive peace talks and end their nearly seven-month conflict, while miners improved on the back of continued copper price strength and improving risk sentiment.
Gold stocks were a mixed bag, as the precious metal retreated over the session to $US4,314 ($A6,059) an ounce, as the tighter US interest rate outlook and stronger greenback weighed on the spot price.
Shares in Gina Rinehart-backed Global Lithium rocketed by almost 50 per cent after agreeing to a $333 million acquisition deal by Abu Dhabi-headquartered Titan Lithium Group.
Financials edged lower, with ANZ the only big four bank to improve, as Commonwealth Bank shares slipped 0.4 per cent to $152.33.
Tech rally boosts market sentiment
Local tech stocks outperformed the market, soaring 2.7 per cent after Wall Street's tech-heavy Nasdaq hit a fresh record overnight, after Meta's Muse AI assistant revived confidence in the AI trade.
Shares in NextDC jumped 3.8 per cent while cloud services and data centre provider Megaport rallied 4.3 per cent.
Consumer discretionary stocks also bounced, up 1.3 per cent to lock in their best session since late July.
Australian dollar slips
The Australian dollar is buying 71.18 US cents, down from 71.28 US cents on Monday at 5pm AEST.
