Australia: Shares climb ahead of GDP data; miners rally

[BENGALURU] Australian shares rose on Wednesday ahead of data that is expected to show the country's economy continued to grow in the first quarter, with strong commodity prices boosting stocks of local mining and energy companies.

The benchmark ASX 200 index rose 0.4 per cent to 7,169.5 by 0004 GMT, after having closed 0.3 per cent lower on Tuesday.

The Australian economy likely expanded by 0.6 per cent in the first quarter, a Reuters poll showed, maintaining a steady pace of recovery from a coronavirus-induced downturn last year.

Investors also took heart from a decline in locally-transmitted Covid-19 infections in Australia's second-most populous state, Victoria.

Mining stocks, the biggest constituent on the benchmark, rose for a fifth straight day, up 1.7 per cent, as iron ore surged on hopes of output curbs easing in steel hub Tangshan.

Heavyweights Rio Tinto, BHP Group and Fortescue Metals gained between 3 per cent and 5 per cent.

Energy stocks also rose 2.7 per cent as oil prices hit their highest since March.

Natural gas majors Woodside Petroleum and Santos added 2.6 per cent and 3.9 per cent, respectively.

The financial index climbed 0.3 per cent, with the "big four" banks rising 0.2 per cent to 0.4 per cent.

However, the gold index shed 1.8 per cent, as the yellow metal's prices slipped from a five-month peak hit in the previous session.

Gold miners Evolution Mining and Resolute Mining shed about 2.4 per cent and 2.5 per cent, respectively.

In New Zealand, the benchmark S&P/NZX 50 index remained largely unchanged at 12,458.52.

The top percentage loser on the bourse was Tourism Holdings, down about 2.3 per cent.

In other regions, Japan's Nikkei was down 0.3 per cent at 28,718.14, while the S&P 500 E-minis futures were down 2.5 points, or 0.06 per cent.

REUTERS