Australia: Miners, energy stocks lift shares despite recession jitters

AUSTRALIAN shares edged higher for a second straight session on Wednesday, as strong commodity prices lifted miners and energy stocks, even as some investors remained on the sidelines about a potential global recession.

The S&P/ASX 200 index was up 0.2 per cent, as of 0014 GMT. The benchmark closed 0.4 per cent higher on Tuesday.

Still, markets globally were weighed down by hawkish comments from the Fed president of St. Louis and Chicago who made case for the US central bank to have more rate hikes and increase interest rates by another percentage point this year, fuelling worries about global recession.

Australian energy stocks led the gains on the domestic benchmark with a 2.5 per cent jump, as supply curbs in the US Gulf of Mexico ahead of Hurricane Ian lifted oil prices.

Oil and gas major Woodside Energy and Santos advanced 3.5 per cent and 0.9 per cent, respectively.

Miners added 1.5 per cent as iron ore futures rose after top steel producer China resumed ramping up output to cash in on increased construction activity.

Sector majors BHP and Rio Tinto advanced 2.2 per cent and 1.3 per cent, respectively.

The technology sub-index tracked a sharp drop in its Wall Street peers and slipped 0.6 per cent.

Software company Megaport slumped nearly 2 per cent to lead the laggards in the sub-index, while ASX-listed shares of Block Inc gained 0.9 per cent.

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Australia: Shares end higher on commodities boost

Gold edged lower with Newcrest Mining, the country’s largest gold miner, falling 0.6 per cent.

Healthcare stocks slipped 1 per cent to be the top percentage losers. Telix Pharmaceuticals tumbled up to 14.1 per cent, their sharpest drop since mid-March, after the Australia-based drugmaker withdrew its application to market its prostate cancer imaging product, Illuccix, in Europe.

New Zealand’s benchmark S&P/NZX 50 index rose 0.3 per cent to 11251.52 points. REUTERS