Australia: Shares rise on mining, energy boost

AUSTRALIAN shares rose over 1 per cent on Friday, as strong commodity prices lifted mining and energy stocks, while data showing a declining US economy raised hopes of a less hawkish Federal Reserve.

The S&P/ASX 200 index had jumped 1.2 per cent by 0031 GMT, extending gains to a fourth session and heading for a second straight weekly rise.

The US economy contracted for the second straight quarter, raising the risk that it was on the cusp of a recession and fuelling speculation that the Fed may not raise rates as aggressively as some feared.

Miners jumped 1.6 per cent in Australia after iron ore futures hit four-week highs on Thursday on rebounding steel margins in top steel producer China.

Iron ore behemoths BHP Group and Rio Tinto advanced 1.8 per cent and 1.1 per cent, respectively.

Technology stocks tracked their Wall Street peers higher, rising 1.5 per cent to lead gains on the benchmark index.

ASX-listed shares of Block Inc added 3.9 per cent, while payments solutions provider EML Payments soared 6.7 per cent and was the top gainer on the sub-index.

Energy stocks jumped 1.3 per cent, with heavyweights Woodside Energy Group and Santos rising 0.8 per cent and 1.6 per cent, respectively.

Gold stocks climbed 1.6 per cent after bullion prices jumped overnight. Newcrest Mining, the country’s largest gold miner, gained 1.2 per cent.

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Australia: Shares rise on mining, gold boost; New Zealand jumps

Financials advanced 0.8 per cent, with the big four banks rising between 0.4 per cent and 0.8 per cent.

Among individual stocks, Star Entertainment rose 0.7 per cent even after the company said its annual normalised revenue would dip from year-ago levels.

New Zealand’s benchmark S&P/NZX 50 index rose nearly 0.9 per cent to 11,429.26. REUTERS