The sharemarket closed higher on Wednesday for the first time this week, buoyed by mining companies that tracked a rally in commodity prices.

The S&P/ASX 200 finished 0.5 per cent, or 42.9 points higher at 8416, paring some losses from the prior two sessions after the index fell 153 points on Monday. The All Ordinaries index gained 0.6 per cent.

Eight of the benchmark’s 11 sectors rose, led by mining stocks. A bullish mood prevailed after Beijing’s retaliatory tariffs on US goods announced late on Tuesday – which included 15 per cent on coal and liquefied natural gas, plus 10 per cent on oil – were deemed less severe than feared.

Expectations of higher prices from the tariffs lifted Australia’s coal miners: Coronado Global Resources jumped 1.5 per cent to 67¢, Whitehaven Coal 2.5 per cent to $6.25 and Stanmore Resources 1.9 per cent to $2.75.

“Today’s bounce in the ASX has likely been a relief rally, after China’s restrained response to US tariffs yesterday alleviated the concerns the global economy was on the brink of a trade war,” IG market analyst Tony Sycamore said.

Commodity prices rose across the board as those fears eased. Gold reset a record high, topping $US2855 an ounce, iron ore hit $US104 a tonne, and copper rose 0.6 per cent to $US9150 a tonne.

Australian miners tracked the rally in prices for the economy’s No. 1 export. Champion Iron posted the largest gains, settling at $5.44, up 3 per cent. BHP closed 1.5 per cent higher at $40.13.

A downturn in Brent crude failed to temper gains from ASX energy stocks. Oil producers Woodside and Santos jumped more than 1 per cent to $24.78 and $7.08 respectively.

The index’s biggest mover was Insignia Financial, after Canadian asset manager Brookfield entered a bidding war for the $3.1 billion wealth management group. Shares advanced 6.9 per cent to $4.62. Macquarie Group posted the largest loss, falling 3.6 per cent to $229.38.

Elsewhere, Pinnacle Investment Management shares briefly hit a record high, at $27.11, following a positive set of earnings on Tuesday. The shares closed 3.5 per cent higher at $26.04.

Stocks in focus

In corporate news, Amcor jumped 2.9 per cent to $16.17 after its earnings met expectations for the December quarter and the company reaffirmed its guidance for the 2025 financial year.

BWP Trust’s shares leapt 4.9 per cent to $3.45 after the investment company raised its interim dividend, and profit soared. Net profit surged by more than $100 million in the half-year to December, largely owing to annual rent increases.

Cleanaway Waste Management pared early losses to close flat, at $2.70, after the company was forced to close its liquid waste processing facility at St Marys in western Sydney due to a fire.