The Business Times

Australia: Energy stocks lift shares on oil strength; Woodside Energy jumps

Published Tue, Aug 30, 2022 · 10:10 AM

AUSTRALIAN shares rose on Tuesday, led by gains in energy stocks on strong oil prices, while the country’s biggest independent gas producer Woodside Energy posting a five-fold jump in first-half profit also aided sentiment.

The S&P/ASX 200 index rose 0.47 per cent to 6,997.9 by 0125 GMT.

The benchmark settled 2 per cent lower on Monday.

Leading the charge, energy shares gained 2.8 per cent buoyed by oil prices settling up more than 4 per cent overnight, as potential Opec+ output cuts and conflict in Libya helped to offset a strong US dollar and a dire outlook for US growth.

Shares of Woodside Energy Group climbed 3.8 per cent to hit a more than three-year high, after the independent gas producer tripled its interim dividend payout after posting a five-fold jump in its first-half profit.

Energy heavyweight Santos gained 2.8 per cent on soaring oil prices, as the energy producer announced extension of its two syndicated bank loan facilities totalling US$1.25 billion. In a slew of earnings updates, Bubs

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Australia skidded 3.3 per cent despite the infant formula products maker posting record revenues, while Healius climbed 1.8 per cent after the healthcare services firm lifted its dividend.

Financials gained 0.9 per cent, with all of the so-called “Big Four” banks trading in the positive territory.

Rate-sensitive technology stocks were up 0.8 per cent, despite a decline on Wall Street on fears over aggressive rate hikes, with ASX-listed shares of Block Inc gaining 1.4 per cent at A$98.87.

In New Zealand, the benchmark S&P/NZX 50 index rose 0.74 per cent to 11,592.2. REUTERS

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