Australia: Mining, energy stocks push shares to new high, OZ Minerals shines

[BENGALURU] Australian shares climbed to a record on Tuesday as mining and energy stocks jumped on firm commodity prices, with OZ Minerals rising to the top of the benchmark on gold output forecast hike.

The S&P/ASX 200 index rose 0.3 per cent to 7,414.2 by 1247 GMT, after closing flat in the previous session.

Miners climbed 1.8 per cent after iron ore and copper prices rose overnight as floods in top consumer China sparked demand hopes at a time when inventories were falling.

OZ minerals surged 9.8 per cent and was on track for its best day since March 2020 after it raised its annual gold output forecast and reported a 33 per cent jump in its second-quarter copper output.

Energy stocks gained more than 1 per cent, helped by firm oil prices.

Shares of Oil Search were 0.25 per cent higher after the Papua New Guinea-focused oil and gas producer reported a 38 per cent jump in its second-quarter revenue and reaffirmed its annual production forecast.

Financials were up 0.3 per cent with the big four banks gaining between 0.04 cent and 0.5 cent.

Tech stocks shed about 0.9 per cent with sector heavyweights Afterpay and Xero falling 2.4 per cent and 2.3 per cent respectively.

Meanwhile, Victoria state looked set to come out of a hard Covid-19 lockdown after reporting fewer new cases on Tuesday, while neighbouring New South Wales rushed to trace thousands after detecting fresh virus clusters.

Across the Tasman sea, New Zealand's benchmark S&P/NZX 50 index fell 0.3 per cent to 12,638.25.

New Zealand-based industrial machinery maker ikeGPS Group was on track for its best day in a month after reporting a 12 per cent rise in its quarterly revenue.

REUTERS