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

AUSTRALIAN shares rose on Thursday, lifted by miners and gold stocks, while the US Federal Reserve delivered an expected rate hike and eased fears about the pace of future increases.

The S&P/ASX 200 index added 0.8 per cent by 0025 GMT. The benchmark had ended 0.23 per cent higher on Wednesday.

Fed Chair Jerome Powell pushed back on recession fears in the United States, suggesting that the economy is softening, and raised rates by an expected three-quarters making it the fastest tightening of monetary policy since 1980s.

Domestic miners gained 1.6 per cent on higher iron ore prices as profits at industrial firms in top steel producer China rebounded last month.

Global miners BHP Group and Rio Tinto advanced 1.6 per cent and 0.6 per cent, respectively.

Fortescue Metals rose 0.8 per cent after it forecast higher iron ore shipments for the next year and logged record quarterly shipments despite a tight labour market and higher costs.

Energy stocks jumped 0.6 per cent, with oil and gas major Woodside Energy Group and Santos up 1.4 per cent and nearly 2 per cent, respectively.

Strong bullion prices led gold stocks to climb 1.4 per cent, with the country’s largest gold miner Newcrest Mining gaining 0.9 per cent.

Technology stocks added 2.5 per cent were among the top gainers on the benchmark after tracking sharp gains of its Wall Street peers.

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Australia: Shares rise after Q2 inflation data allays sharp rate hike fears

ASX-listed shares of Block Inc scaled 4.6 per cent higher, while battery maker Novonix soared 10.7 per cent leading the gains on the sub-index. Financials rose 0.8 per cent, with the so-called big four banks gaining between 0.4 per cent and 0.7 per cent. 

New Zealand’s benchmark S&P/NZX 50 index jumped 1.6 per cent to 11,306.98 points. REUTERS