22.07.202602:12:27UTC+00Australian Stocks Rise Modestly

Australian shares rose 22 points, or 0.3%, to 8,815 in early trade on Wednesday, snapping a four-session losing streak, driven by gains in non-energy minerals, energy minerals, and consumer services. Sentiment was buoyed by an overnight rebound on Wall Street, where investors largely set aside geopolitical concerns and rotated back into technology stocks.

Upside momentum was capped, however, by investor caution ahead of domestic labor market figures for June and flash PMI releases for July due later this week.

Mining stocks outperformed as copper prices climbed to their highest level in more than six weeks, supported by robust demand from top consumer China and a steep drawdown in inventories. BHP Group advanced 2.9% to its highest level since July 16, while Rio Tinto gained 2.5%. Gold miners also strengthened, with Evolution Mining up 4.6% and Northern Star Resources adding 3.3%.

In contrast, the four major banks edged lower, and several technology names weighed on the market, including Technology One (-3.6%), Wisetech Global (-2.7%), and Seek (-1.5%).