Index Update: The Australian share market advanced on Wednesday, with the S&P/ASX 200 Index rising 32.60 points, or 0.37%, to close at 8,841.10. Over the past five trading sessions, the benchmark index has gained 0.64% and is currently trading 3.93% below its 52-week high.

Six of the 11 sectors finished higher during the session. Materials led the market, climbing 1.70% on the day and extending its five-day gain to 2.53%. Utilities rose 0.17%, while Financials, Information Technology and A-REITs each added 0.13%. Energy was the weakest-performing sector, falling 0.57%, followed by Consumer Staples, down 0.56%, Health Care, which slipped 0.38%, Consumer Discretionary, down 0.22%, and Telecommunication Services, which declined 1.20%.

The gains in the Materials sector helped offset weakness across several defensive and communication-related sectors, allowing the ASX 200 to extend its recent upward momentum and finish the session comfortably in positive territory.

Macro Update: According to media reports, oil prices rose on Wednesday after U.S. President Donald Trump reimposed a naval blockade on Iranian ports and Iran reportedly launched strikes on U.S. infrastructure, escalating tensions in the Middle East. Vessel traffic through the Strait of Hormuz increased ahead of the blockade, while Trump warned of further action unless Iran resumed negotiations. Meanwhile, Iran's Revolutionary Guard threatened to block other export corridors benefiting the U.S. and its allies, raising fresh concerns over global energy supplies.

Top Market Movers: Among the top gainers, Kingsgate Consolidated Limited (ASX:KCN) surged 15.89% to AUD 4.23, gaining AUD 0.58. Mesoblast Limited (ASX:MSB) climbed 8.82% to AUD 2.59, up AUD 0.21, while ZIP Co Limited (ASX:ZIP) advanced 8.47% to AUD 3.20, adding AUD 0.25.

On the losing side, Regis Resources Limited (ASX:RRL) declined 5.16% to AUD 6.25, down AUD 0.34. Evolution Mining Limited (ASX:EVN) fell 3.74% to AUD 11.34, shedding AUD 0.44, while Xero Limited (ASX:XRO) dropped 3.57% to AUD 68.27, losing AUD 2.53.

Commodity Update: The U.S. dollar remained under pressure after retreating from a two-week high as softer-than-expected inflation data reduced expectations of a near-term Federal Reserve interest rate hike, although higher oil prices continued to raise inflation concerns. Gold declined 0.74% to USD 4,040.05 per ounce, while silver slipped 0.54% to USD 58.78 per ounce. Copper edged up 0.08% to USD 13,650.50 per tonne. Meanwhile, Brent crude oil climbed 1.72% to USD 86.19 per barrel following escalating tensions involving the United States and Iran.

The S&P/ASX 200 advanced 32.60 points in the latest trading session, forming a bullish candlestick that reflects renewed buying interest. From a technical perspective, the index continues to trade comfortably above its 50-day Simple Moving Average (SMA), which is acting as a key dynamic support level and reinforcing the prevailing positive trend. Immediate support is positioned around 8,760.50, and holding above this level would help preserve the broader bullish structure while supporting further upside momentum. A sustained rebound from this support could lead to a retest of recent highs and potentially extend the ongoing rally. However, a decisive break below 8,760.50 would weaken the near-term technical outlook, trigger increased selling pressure, and raise the risk of a deeper corrective move.