Australia: Energy, mining stocks lift shares as markets cheer easing of virus curbs

[BENGALURU] Australian shares rose on Thursday, driven by gains in energy and mining sectors on stronger commodity prices, while investors took comfort in the government's decision to ease restrictions for vaccinated citizens in New South Wales.

The benchmark S&P/ASX 200 index was up 0.4 per cent at 7449.10 points, as of 0032 GMT.

Even as the state of Victoria recorded its biggest one-day rise in Covid-19 cases in a year, restrictions eased in New South Wales for vaccinated citizens, with ending of a night curfew in Sydney.

Among sectors, the energy sub-index gained the most, rising 2 per cent on the back of strong oil prices after a drawdown in US crude inventories.

Whitehaven Coal was the top gainer, up 4.3 per cent, after the environment ministry approved its Vickery coal mine extension project in New South Wales.

Mining stocks added 1 per cent on strong copper prices, with index gaint BHP Group rising 1.2 per cent.

Banks rose 0.3 per cent, with the "Big Four" banks all trading in positive territory.

Gold stocks, however, lost 0.5 per cent as bullion prices were down, with gold miners Northern Star Resources and Newcrest Mining shedding around 0.8 per cent each.

Myer Holdings was one of the top gainers in the All Ordinaries Index, adding nearly 7 per cent after the retail company posted an annual profit of A$50.7 million (S$49.9 million), driven by strong online sales.

Telstra eyed its best session in five weeks after the Australian telcom said it aimed to extend 5G coverage to 95 per cent of the country by the end of 2025.

New Zealand's benchmark S&P/NZX 50 index was steady at 13,105.22 points, with financial services company Heartland Group Holdings being the best performer with a 1.3 per cent gain.

The country's economy grew at a much faster pace than expected in the second quarter, officials said on Thursday.

Elsewhere, Japan's Nikkei rose 0.2 per cent, while the S&P E-minis futures were up 0.1 per cent.

REUTERS