Australian shares edge higher on gold gains, energy firms cap upside

Australian shares inched up on Thursday, recovering from three sessions of losses, as steep losses in energy stocks capped gains in gold stocks, a day after GDP data reinforced Reserve Bank of Australia rate hike bets at this month’s meeting. The S&P/ASX 200 index was up 0.07% at 8,984.50, as of 0054 GMT. The benchmark closed 1% lower on Wednesday. Gold stocks gained 2.2%, though the sub-index remains on track for a weekly decline after six straight weeks of gains. The sub-index tracked strong bullion prices, which rose on a pullback in the US dollar and Treasury yields from recent highs. Northern Star Resources and Evolution Mining climbed around 1.5% each. Financials advanced 0.6%, with three of the ‘Big Four’ banks gaining between 0.7% and 1.2%. While most miners traded higher, the sector sub-index was largely flat as sharp losses in heavyweight BHP Group, down 1.7%, weighed on the index. BHP is trading ex-dividend. Meanwhile, energy stocks fell 1.3%, ending a four-session rally, on weak crude oil prices. Woodside Energy lost 2.8% as it trades ex-dividend. Among individual movers, Corporate Travel Management tumbled over 82%, hitting a near 14-year low, after trading resumed fol