Australia: Shares pushed higher by gold stocks and Woodside Petroleum

[BENGALURU] Australian shares closed slightly higher on Thursday (Feb 17), as firm bullion prices boosted gold stocks and Woodside Petroleum led energy names higher after reporting strong annual results.

The resources-heavy S&P/ASX 200 index rose 0.2 per cent to 7,296.20 after Wednesday's 1.1 per cent jump.

Gold stocks jumped 2.1 per cent as bullion prices held ground near an 8-month high touched earlier this week.

Heavyweights Northern Star Resources and Newcrest Mining climbed 4.4 per cent and 1.5 per cent, respectively.

Woodside Petroleum surged 4.1 per cent as the oil and gas explorer said its annual profit more than tripled. This, along with an overnight rally in crude oil prices, helped the energy index close 0.9 per cent higher.

Miners climbed 0.6 per cent after a 3-day slide, even as iron ore prices remained pressured due to Beijing's sustained efforts to stem any market irregularities.

South32 advanced 1.1 per cent on robust first-half earnings, while Rio Tinto and BHP Group rose 1.2 per cent and 1.4 per cent, respectively.

"We might be seeing some people starting to look at them (miners) for yields going forward," said Brad Smoling, managing director of Smoling Stockbroking.

Financials advanced 0.3 per cent, with the so-called "Big Four" banks rising between 0.2 per cent and 0.9 per cent.

Bucking the trend, technology stocks slipped 2.9 per cent, following an overnight drop in the Nasdaq.

Wesfarmers plunged 7.5 per cent in its worst session since March 2020, as Covid-19 outbreaks and supply chain disruptions hit the retail conglomerate's first-half profit.

Meanwhile, data showed Australia's unemployment rate stayed at 4.2 per cent in January as a surge in coronavirus cases took more of a toll on hours worked than on jobs.

Smoling said the report backed the Reserve Bank of Australia's decision to hold off on raising rates for the moment.

New Zealand's benchmark S&P/NZX 50 index rose 1.1 per cent to 12,256.82. REUTERS