FX.co ★ Australian Shares Gain on Mining, Bank Boost

On Wednesday, the S&P/ASX 200 Index advanced by 0.7%, approaching the 8,000 mark, and continued its five-day run of gains. This upward momentum was largely supported by robust performances in the mining and banking sectors. Investors are particularly attentive to the forthcoming monthly inflation figures from Australia, which could significantly impact the country’s economic conditions and monetary policy directions. Additionally, the Australian government revealed plans on Tuesday for two more personal income tax reductions slated for 2026 and 2027, with a combined forecast value of A$17.1 billion over the forward estimates. Within the mining and banking domains, standout performers included BHP Group, which rose by 2%, Fortescue with a 0.9% gain, NZ Group up by 1.8%, and Commonwealth Bank advancing 0.8%. On the corporate front, Paladin Energy saw a 7% decline after it revised its 2025 production forecasts downwards, citing operational challenges at its uranium mine in Namibia. Conversely, Vulcan Energy enjoyed a 5% increase, despite disclosing a larger loss for 2024 in comparison to the prior year.