Australian stocks closed higher on Wednesday, driven by gains in the Gold, Metals & Mining, and Resources sectors. The S&P/ASX 200 rose 0.51%, with Insignia Financial Ltd (ASX: IFL) leading the session, climbing 6.71% to a three-year high of $4.61. St Barbara Ltd (ASX: SBM) and BWP Trust (ASX: BWP) also posted strong gains, rising 6.00% and 4.86%, respectively.
On the downside, Mesoblast Ltd (ASX: MSB) fell 5.96%, while Macquarie Group Ltd (ASX: MQG) and Zip Co Ltd (ASX: ZIP) declined 3.63% and 3.00%, respectively.
Market breadth was positive, with 642 stocks advancing, 426 declining, and 390 unchanged on the Sydney Stock Exchange.
Gold prices rose 0.32% to $2,885.02 per ounce, while crude oil declined slightly, with WTI at $72.47 per barrel and Brent at $75.84 per barrel. The S&P/ASX 200 VIX, which measures market volatility, edged up 2.63% to 11.89.