The S&P/ASX 200 finished 0.8% higher at 8,928 on Wednesday, extending its rally from the previous session, as sharp gains in commodity-linked shares outweighed declines in tech stocks. The heavyweight mining sub-index jumped 3.7%, its biggest intraday gain since April 10, 2025, as metals extended their rally after a brief sell-off, with copper rebounding on China stockpiling and improved risk sentiment. BHP, Australia’s largest listed company, climbed as much as 4.5% to a record A$52.27, while Rio Tinto rose up to 4.3% to an all-time high of A$159. Gold miners and energy firms also advanced as bullion and oil prices rose amid escalating US-Iran tensions. Additionally, rate-sensitive banking stocks ended sharply higher, likely on dip-buying and expectations that higher interest rates support bank profitability in long-term. Meanwhile, tech stocks plunged 9.4% to a two-year low, tracking their Wall Street peers as investors worried about AI creating more competition for software makers.