Australia: Shares nudge higher on mining, energy boost

AUSTRALIAN shares climbed on Tuesday, lifted by miners and energy stocks, as easing of Covid-19 restrictions in China boosted prices of commodities.

The S&P/ASX 200 index rose as much as 0.4 per cent by 0043 GMT, its highest level since June 14.

The benchmark jumped 1.9 per cent on Tuesday. Leading gains on the benchmark, energy stocks climbed 2.5 per cent to hit a near one-week high.

Oil prices climbed on the prospect of tight supplies as the Group of Seven nations proposed to cap the price of Russian oil as part of new sanctions to hit Moscow’s finances. 

Sector heavyweights Woodside Energy and Santos rose 1.7 per cent and 1.3 per cent, respectively.

Miners rose 2 per cent as iron ore prices jumped on easing Covid-19 restrictions in Shanghai and relaxed testing mandates in several Chinese cities. Sector leaders BHP Group, Rio Tinto and Fortescue added between 0.5 per cent and 3 per cent. 

Gold stocks rose 2.2 per cent, rebounding from Monday’s sharp losses. Newcrest Mining, the country’s largest gold miner, advanced as much as 2 per cent, and Northern Star Resources rose 4.6 per cent.

Limiting losses on the benchmark, technology stocks gave up as much as 1.4 per cent to eye its worst day in nearly one week, tracking a dull overnight session on Wall Street. 

ASX-listed shares of Block slipped 3.2 per cent, while software firm Xero lost 0.8 per cent. 

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Australia: Shares end higher, enjoy best day in nearly 5 months

Tassal Group jumped as much as 16.1 per cent to eye its best day ever, after the company said it rejected a non-binding takeover bid from Canadian aquaculture firm Cooke Inc, which valued the seafood supplier at A$1.04 billion (S$1 billion). 

New Zealand’s benchmark S&P/NZX 50 index added as much as 0.4 per cent to 11,039.7, clocking gains for a third straight session. REUTERS