Mining rebound helps Australian shares creep higher
By Adrian Black
A softer US dollar has helped metals prices rebound, giving local miners a lift on the share market. -AAP Image
Australian shares have overcome a shaky start to finish the session higher, led by a recovery in miners after an afternoon upswing in metals prices.
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The S&P/ASX200 rose 24 points on Wednesday, up 0.28 per cent, to 8,696.5, as the broader All Ordinaries gained 25.2 points, or 0.28 per cent, to 8,874.5.
After cautious morning trade and several sessions of de-risking ahead of a key US interest rate decision, the greenback eased as US bond yields backed off multi-year highs, supporting recently under-pressure copper and gold prices.
BHP notched its first positive session in a week to reclaim the $60 per share level, while the local gold sub-index rebounded 1.4 per cent as the precious metal firmed to $US4,327 ($A6,067) an ounce.
The Australian dollar is buying 71.32 US cents, up from 71.19 US cents on Tuesday at 5pm.
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