Australia: Shares end higher on gains in miners, EML Payments
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[BENGALURU] Australian shares ended higher on Wednesday (Apr 13) lifted by miners and energy stocks, which tracked gains in commodity prices, and as EML Payments surged after the company disclosed takeover interest.
The S&P/ASX 200 index rose 0.3 per cent to 7,479 points at the close of trade. The bourse closed 0.4 per cent lower on Tuesday.
EML Payments was among the biggest percentage gainers on the main index, ending nearly 11 per cent higher. The company said it was in talks with US private equity firm Bain Capital for a potential buyout, but that the talks had ceased without an agreed deal.
Miners led gains, rising 1 per cent on stronger iron ore prices after the Chinese State Council told local governments to ensure easy transportation channels for smooth logistics like key raw materials.
Rio Tinto and BHP Group gained about 2 per cent and 0.1 per cent, respectively.
Energy companies followed suit, with a near 1 per cent rise, as Brent crude prices were lifted by worries that more sanctions against Russia will result in tight supply crunches.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Index majors Santos and Beach Energy gained around 1.3 per cent and 1 per cent respectively.
"The key focus point for now will be the metals and energy markets as commodity prices are rising globally," Henry Jennings, a senior analyst from Marcustoday Financial Newsletter said.
"There is still a bit of optimistic mood out there, but it is tempered down with some caution."
Bullion prices pushed gold stocks up 1.3 per cent as concerns over escalation of the Ukraine war led to investors scurrying to the safe-haven asset.
Sector heavyweights Newcrest Mining and Northern Star Resources rose 0.2 per cent and 1.5 per cent, respectively.
Across the Tasman Sea, the Reserve Bank of New Zealand raised key policy rates by 50 basis points, in its biggest hike in about 20 years, to reduce higher price pressures.
New Zealand's benchmark S&P/NZX 50 index fell 0.1 per cent to 11,875 points to finish the session. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
