(Reuters) - Australian equities beat a three-session losing run on Tuesday as mining stocks rallied on firmer iron ore prices, sending shares of global miner Rio Tinto to their highest close since 2008.
The S&P/ASX 200 index finished the session 0.5%, or 32.9 points higher, at 6,484.8. The benchmark closed 4.1 points lower on Monday.
Iron ore prices have strengthened relentlessly in 2019 as supply concerns for the steel-making commodity beat persistent U.S.-China trade tensions that have otherwise weighed on global growth. On Tuesday, iron ore futures in China hit a fresh record high.
Local mining stocks have reaped the benefit, with Rio Tinto having gained over 36% this year and 2.2% for the day. BHP Group also gained 1.7% on Tuesday.
Energy stocks advanced over 1%, buttressed by brent crude oil prices, which consolidated above $70 per barrel, thanks to supply cuts led by OPEC and certain U.S. sanctions.
Local oil and gas companies such as Woodside Petroleum Ltd, Santos Ltd and Origin Energy Ltd climbed between 0.7% and 1.3%.
Oil Search shares ended 0.3% lower, still weak after political disarray in Papua New Guinea, which threatened to delay a project in which it is a partner.
Safe-haven gold stocks lost their lustre in the positive market, with Newcrest Mining Ltd, Evolution Mining Ltd and St Barbara Ltd giving up between 0.3% and 1.1%.
Elsewhere, Domino's Pizza Enterprises ended 5% lower at its worst close since 2015, after Morgan Stanley downgraded the pizza maker's stock to "equal-weight" from "overweight".
New Zealand's benchmark S&P/NZX 50 index closed 0.2% lower at 10,123.32, with industrials stocks among the top losers.
Air New Zealand extended its fall to end 2.2% lower, after it cut its 2019 earnings expectations on Monday.
(Reporting by Devika Syamnath in Bengaluru; Editing by Sam Holmes)
