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Australian shares log fourth consecutive session gain
Fortescue climbs after higher third-quarter iron ore shipments
Woodside rises on $17.5 billion LNG investment
By Sneha Kumar
April 29 (Reuters) - Australian shares closed higher for the fourth consecutive session on Tuesday, led by financials and mining stocks, while investors switched focus to upcoming inflation data for clues on chances of an interest rate cut in May.
The benchmark S&P/ASX 200 index .AXJO rose 0.9% to 8,070.6 points, closing above the psychologically important 8,000 level for the first time since March 6.
Data due on Wednesday is forecast to show Australia's key trimmed mean measure of core inflation rising 0.6% in the first quarter, pulling the annual pace down to 2.8% from 3.2%.
This would put inflation within the Reserve Bank of Australia's 2%-3% target for the first time since late-2021, increasing the likelihood of a rate cut when it meets on May 20.
"The market sees a 115% chance of an RBA rate cut," said Jessica Amir, market analyst at trading platform Moomoo.
If this week's catalysts stay positive, we can expect equities to rise further and more cash to move into stocks, said Amir.
Banks .AXFJ rose 0.6%, rising for ninth straight day. The "Big 4" banks rose between 0.1% and 1.1%.
Miners .AXMM rose 1.6% to a one-month high amid rangebound movement in iron ore futures. IRONORE/
BHP BHP.AX and Rio Tinto RIO.AX rose 1.4% each. Iron ore producer Fortescue FMG.AX climbed 5.8% to a one-month high after posting higher third-quarter iron ore shipments.
Mineral Resources MIN.AX closed 13.2% higher after it ruled out the possibility of an equity raise and signalled progress on the search for new chair.
Energy stocks .AXEJ defied losses in oil prices to rise 2.5%. Woodside Energy WDS.AX rose 1.5% after it approved a $17.5 billion investment for the construction of a liquefied natural gas $(LNG)$ plant in Louisiana.
Real estate and tech stocks rose 1.1% and 1.5% respectively, while gold stocks .AXGD tracked bullion prices to fall 0.2%.
New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.6% to 12,025.45 points.
(Reporting by Sneha Kumar in Bengaluru; Editing by Varun H K)
((sneha.kumar@thomsonreuters.com))
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