21.10.202500:54:29UTC+00Australian Shares Extend Gains

The S&P/ASX 200 index advanced by 0.7% to reach 9,093 on Tuesday, continuing its upward momentum from the previous session. This positive market sentiment was buoyed by progress in a pivotal trade agreement between the United States and Australia. Investor optimism was further enhanced following the signing of a crucial minerals partnership between US President Donald Trump and Australian Prime Minister Anthony Albanese. This alliance aims to diminish the United States' dependence on China, particularly after China's recent move to tighten export controls on its critical minerals. Prime Minister Albanese praised the agreement, describing it as a transformative development that elevates the US-Australia partnership to a new level. As a result, shares in companies involved in critical minerals experienced significant gains, with Iluka Resources Ltd rising nearly 5%, IGO Limited appreciating by 2.5%, and Lynas Rare Earths increasing by 1.3%. Additionally, gold mining stocks demonstrated notable strength, with Evolution Mining rising by 4.9%, Northern Star Resources increasing by 1.6%, and Newmont Corporation climbing 2.5%.