Australia: Shares rise on Sydney Airport Holdings, energy stocks boost

[BENGALURU] Australian shares rose on Monday as airport operator Sydney Airport Holdings surged after getting a sweetened takeover offer, with firmer energy stocks boosting the benchmark further.

The S&P/ASX 200 index rose 0.3 per cent to 7,427.60 by 0056 GMT.

Sydney Airport Holdings jumped more than 5 per cent to be the top percentage gainer on the benchmark index. The company granted due diligence access to a consortium of infrastructure investors after the group raised its takeover proposal.

Aiding sentiment, Prime Minister Scott Morrison announced that Australia purchased an additional 1 million doses of Moderna's Covid-19 vaccine from the European Union, at a time when the country battles record-high cases.

The ASX 200 energy index rose 1.3 per cent, led by Santos, up 2.15 per cent, followed by Woodside Petroleum, gaining 1.66 per cent.

The sub-index tracked oil prices which climbed to a one-week high on concerns over US supplies due to the damage from Hurricane Ida.

The mining index rose 1.26 per cent, led by Ioneer, up 5.3 per cent. Lynas Rare Earths followed suit with its 4.79 per cent gain.

Nickel prices had jumped on Friday to their highest in more than seven years due to shortages created by a sharp rise in demand from stainless steel mills and electric vehicle battery makers and sliding stocks.

The gold index rose 0.49 per cent, while technology stocks fell 0.9 per cent.

In New Zealand, the benchmark S&P/NZX 50 index inched 0.15 per cent higher to 13,083.3.

Elsewhere, Japan's Nikkei was down 0.28 per cent at 30298.03 while S&P 500 E-minis futures were up 12.25 points, or 0.27 per cent.

REUTERS