Australian shares rose again on Wednesday, as gold continued to climb after a slump at the end of the previous week.

The S&P/ASX 200 Index closed up 70.70 points, or 0.8%, to 8,927.80.

Brent crude futures rose 1% to $68.03 per barrel. Gold climbed past the $5,000 per ounce level. Copper advanced over 4% to $13,478 on the London Metal Exchange.

On the domestic front, Australia's Industry Index showed the industry activity remained in contraction during Dec. and Jan. at a negative 12.3, unchanged from November, with overall activity, employment, new orders, and input volumes continuing to decline.

The Australian Purchasing Managers' Index (PMI) edged down to negative 19.4, as the manufacturing sector suggested no major improvement, curtailed by tariffs, cost pressures, low investment, weak cash flow, and offshore competition.

While the Australian Performance of Construction Index (PCI) indicator jumped by 0.22 points to 5.2, entering positive territory for the first time since mid-2023, as project inquiries increased with a further pickup expected in the coming months.

Australia's total dwelling approvals in December 2025 slumped 14.9% month on month to 15,542, according to data from the Australian Bureau of Statistics, a turnaround from November 2025's 13.1% growth.

Also, the S&P Global Australia Services PMI Business Activity Index rose to 56.3 in January from 51.1 in December 2025, marking the strongest expansion in services activity since February 2022 and extending the ongoing growth streak to two years.

In company news, Amcor (ASX:AMC) reported Wednesday fiscal second-quarter adjusted earnings of $0.86 per share, up from $0.80 a year earlier. Net sales for the three months ended Dec. 31, 2025, was $5.45 billion, compared with $3.24 billion a year earlier. Shares of the company jumped nearly 4% on close.

Rio Tinto Group's (ASX:RIO) shares climbed 4% and reached an all-time peak after its acquisition target, Glencore, said that it entered into a non-binding memorandum of understanding for Orion Critical Mineral Consortium to potentially acquire a 40% stake in Glencore's interests in its Democratic Republic of Congo assets, Mutanda Mining and Kamoto Copper.

Lastly, Abacus Storage King (ASX:ASK) started talks with Abacus Group (ASX:ABG) regarding a potential internalization of the company's management functions. The talks are in the early stages. Shares of Abacus Storage King fell 1% on market close.