Updates to market close
ASX 200 gains for third straight session
BHP becomes the largest-listed Australian firm; pips CBA
Investors eye CPI data on Wednesday
By Keshav SinghChundawat
Jan 27 (Reuters) - Australian shares hit a three-month on Tuesday, rising for a third consecutive session, as firm commodity prices lifted miners and energy stocks, while investors awaited the release of a key domestic inflation report for signals on monetary policy.
The S&P/ASX 200 index .AXJO closed up 0.9% at 8,941.60. The benchmark rose as much as 1.2% earlier in the session, logging its highest level since late October.
Commodities are pushing to record highs and drawing strong media attention, attracting both retail investors and broader macro-driven flows, said Justin Lin, an investment analyst at Global X ETFs.
Mining .AXMM and gold sub-indexes .AXGD climbed 1.4% and 0.4%, respectively, boosted by strong copper and gold prices. MET/L GOL/
Mining heavyweight BHP BHP.AX climbed 2.7% to a near 13-month high, overtaking lender Commonwealth Bank of Australia CBA.AX to once again become the country's largest-listed firm by market value, about 15 months after it last held the top spot.
"BHP overtaking CBA is more likely to be a long-term trend because there are murmurs in the market that we're heading towards a commodity super cycle," said Lin.
BHP is expected to hold on to this lead if Chinese demand also resurfaces, Lin added.
Other miners, Rio Tinto RIO.AX and Fortescue FMG.AX, both rose 1.7% in the session.
Energy sub-index AXEJ advanced 0.9% to a more than two month-high as Santos STO.AX added 2.5% in the session.
Investors now await the consumer price report for the December quarter due Wednesday, which will be a key input into the Reserve Bank of Australia's February cash rate decision.
Swaps now imply nearly a 60% chance of a 25 basis-point hike in the cash rate next week. 0#AUDIRPR
Financials .AXFJ rose 0.9%, as National Australia Bank NAB.AX gained 1.3% to a near three-month high. The other "big four" banks added between 0.4% and 1.1%.
Further south, New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.4% to 13,510.88.
(Reporting by Keshav Singh Chundawat in Bengaluru; Editing by Rashmi Aich)
((Keshav.SinghChundawat@thomsonreuters.com))