On Tuesday, Australian shares climbed, spearheaded by the miners and energy stocks as Woodside Petroleum and BHP Group agreed on their USD12 billion Scarborough LNG project.
The S&P/ASX 200 index climbed by 0.6% to 7393 by 00.18 GMT.
Woodside Petroleum and BHP Group were among the top spurs to the benchmark, rising over 3% each after they gave their final approval to develop the Scarborough gas field off Western Australia and expand the Pluto liquefied natural gas (LNG) plant.
Australian energy index expanded by 1.7%, tracking its best day in more than a week after oil prices rebounded from the recent losses due to the reports that the Organization of the Petroleum Exporting Countries (OPEC+) could adjust plans to raise oil production if large energy consumer countries release crude from their reserves.
Oil Search and Santos Ltd.’s shares jumped 1% and 1.9%, respectively.
Miners were also up by 1.9% to their highest level since September and set for their fourth straight session of expansions.
Iron prices climbed by more than 4%, sending Rio Tinto and Fortescue up by 3% and 5.8%, respectively.
Bucking the trend, the tech index fell by 3.5%, with Afterpay plunging by more than 5% to its lowest since July 30.
Australia's gold stocks also slumped by 2.5% after the bullion eased to linger close to a two-week low, burdened by a firmer dollar and expectations that rising inflation might push the Federal Reserve to quicken its monetary policy tightening.
Gold miners Wiluna Mining Corp, Silver Lake Resources, and West African Resources were among the top losers, with major Newcrest Mining falling by 1.4%.
New Zealand's benchmark S&P/NZX 50 index rose by 0.4% to 12,663.72.
