Australia: Miners, energy stocks lift shares to over 3-month high

AUSTRALIAN shares edged higher on Tuesday, led by strength in mining and energy stocks on strong commodity prices, while investors awaited the minutes of the central bank’s most recent policy meeting. The S&P/ASX 200 index rose 0.7 per cent to 7,575.40 to hit its highest since Jan 5 by 0042 GMT. The benchmark closed 0.6 per cent higher on Thursday. The market was closed on Good Friday and Easter Monday. Miners rose as much as 2 per cent to hit a record high on strong iron ore prices, supported by hopes of additional stimulus from top importer China, which is seeing risks of a sharp economic slowdown due to Covid-19 lockdowns. The mining trio – Rio Tinto, BHP Group and Fortescue Metals Group – advanced between 0.9 per cent and 1.9 per cent Investors are also looking forward to the Reserve Bank of Australia’s (RBA) minutes of policy meeting earlier this month, where it kept interest rates unchanged but opened its doors for tightening monetary policy, noting that inflation was likely to rise further. Energy stocks gained as much as 1.4 per cent, to hit a more than two-year high, tracking an uptick in oil prices as outages in Libya deepened concern over tight global supply. Wealth manager AMP rose as much as 1.4 per cent to hit its highest since Nov 21, after it confirmed it was in talks with multiple parties for a potential sale of assets and businesses of its investment management unit. Gold stocks also aided sentiment, extending gains into a seventh session, up 1.3 per cent, as bullion prices rose amid concerns around the Russia-Ukraine conflict and rising inflation. Index heavyweights Newcrest Mining and Northern Star Resources were up 1.1 per cent and 1 per cent, respectively. Financials were up 0.6 per cent, with the big four banks rising between 0.1 per cent and 0.8 per cent.

New Zealand’s benchmark S&P/NZX 50 index NZ50 fell 0.4 per cent to 11,841.3. REUTERS