Australia: Shares extend gains on mining, energy boost

[BENGALURU] Australian shares rose for a fifth session on Thursday, driven by mining and energy stocks on the back of strong commodity prices, and as global markets rebounded after the US Federal Reserve chairman assuaged worries about aggressive rate hikes.

The S&P/ASX 200 index had climbed 0.7 per cent to 7,166.60 by 2333 GMT, up 2.5 per cent since a 3 per cent drop on Feb 24.

Wall Street rebounded overnight to end sharply higher after Fed Chairman Jerome Powell signalled the central bank would likely raise interest rates less than some investors had feared.

In Australia, energy stocks led the gains, climbing 3.1 per cent after crude prices surged beyond US$110 a barrel on Wednesday as Western sanctions hampered Russia's exporting capabilities.

Sector majors Woodside Petroleum and Santos advanced 4.3 per cent and 3.5 per cent, respectively.

Miners rose 2.2 per cent on the back of strong commodity prices.

Heavyweight BHP Group climbed 3 per cent, while Rio Tinto rose 2.8 per cent.

Among other sectors, gold stocks lost 0.4 per cent, while financials gained 0.2 per cent.

In other news, coal explorer Stanmore Resources said it would raise about A$694 million (S$686.2 million) to fund the acquisition of an 80 per cent stake in BHP Mitsui Coal, a joint venture in Queensland, from global miner BHP Group. Stanmore shares were on a trading halt.

New Zealand's benchmark S&P/NZX 50 index climbed 1.3 per cent to 12,243.90. AFP