Australia: Shares end higher on strong energy stocks, job data cheer

AUSTRALIAN shares ended higher on Thursday (Sep 15) boosted by energy stocks on strong crude prices, while the country’s employment bouncing back in August also supported sentiment.

The S&P/ASX 200 index closed 0.2 per cent higher at 6,842.9. The benchmark dropped 2.6 per cent on Wednesday, its sharpest fall in 3 months amid a global sell-off.

Energy stocks jumped 3.7 per cent and posted their best session since Sep 5 as oil prices firmed. Oil and gas majors Woodside Energy and Santos advanced 4.3 per cent and 3.5 per cent, respectively.

Financials gained 1.1 per cent, with the “Big Four” banks rising between 0.8 and 3.3 per cent.

On the downside, miners shed 0.4 per cent. Lithium developer Lake Resources led losses, slumping 12.7 per cent a day after the company said a dispute had arisen with Lilac Solutions over the deadline for the US partner to acquire a 25 per cent stake in Kachi lithium project in Argentina.

Global miner Rio Tinto retreated 0.2 per cent, while rivals BHP Group and Fortescue Metals rose 0.4 per cent and 0.9 per cent, respectively.

Bullion hit a near 2-month low, dragging local gold stocks 0.8 per cent lower. The country’s largest gold miner Newcrest Mining declined 0.6 per cent.

Meanwhile, Australia’s net employment rose in August, in line with market forecasts and mostly reversing a fall in the previous month, while jobless rate inched up to 3.5 per cent from 3.4 per cent.

“It is quite certain that a month’s data would not change the dominating theme that unemployment is at a record low in Australia,” Kalkine Group chief executive Kunal Sawhney said.

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Australia: Shares climb on energy boost, unemployment rate in focus

“Since the labour market is too hot, it undoubtedly gives additional support to the central bank’s extended hawkish stance.”

Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 ended flat at 11,658.94.

The economy rebounded sharply last quarter, as its gross domestic product rose 1.7 per cent, beating forecasts and posting a timely recovery from the first quarter’s 0.2 per cent drop. REUTERS