Market Wrap / miner gain

The Australian sharemarket rose 0.28% to 8,877.70 points on Tuesday, supported by fresh highs on Wall Street and a surge in mining stocks.

The materials sector climbed 0.8% as gold touched new peaks on a weaker dollar ahead of the Federal Reserve’s expected rate cut.

Global uranium stocks rallied on momentum from the UK-US nuclear deal, with Deep Yellow leading the ASX, up 8.7%.

Energy gained 0.8% on stronger oil prices, while coal miner New Hope jumped as much as 5.7% to a seven-month high despite posting an 8% drop in annual profit.

Healthcare weighed on the market, with CSL down 1.2% despite announcing up to $760 million in investment into Dutch biotech VarmX.

Super Retail slipped 3.9% after terminating its CEO over a non-disclosed relationship with a former HR chief.

Looking ahead, the US Fed begins its two-day policy meeting tonight, alongside key data on retail sales, trade prices, industrial output and housing sentiment.