Australia: Shares rise to two-week high as energy stocks rally

[BENGALURU] Australian shares rose to a two-week high on Tuesday, as a more than 3 per cent jump in oil prices boosted energy stocks, with sentiment aided by an overnight rally on Wall Street.

The S&P/ASX 200 index climbed 0.5 per cent to 7,079.1 by 0038 GMT, on track for its fourth straight session of gains. The benchmark ended up 0.2 per cent on Monday.

Heavyweight energy stocks firmed 1.4 per cent as crude prices leapt after traders were hopeful that a boost in demand due to Covid-19 vaccinations would accommodate any potential Iranian oil supply.

Sector leaders Woodside Petroleum and Oil Search rose 0.8 per cent and 1.4 per cent, respectively.

The tech index jumped as much as 1.5 per cent, tracking a rally on the tech-heavy Nasdaq, with the subindex headed for its fourth day of gains.

US stocks were buoyed as a retreat in benchmark Treasury yields helped lift expensive stocks in sectors such as technology.

Investors now keenly await inflation data due in the United States later this week to determine the Federal Reserve's direction on monetary policy.

Among other stocks and sectors, software firm TechnologyOne was the top percentage gainer on the Australian benchmark, jumping 7.3 per cent, followed by intelligence software provider Nuix.

The healthcare index advanced 0.8 per cent to hit its highest in more than five months. Index heavyweight CSL led gains with a 1.2 per cent rise.

In contrast, gold stocks eased 0.3 per cent even as the precious metal inched higher on support from a weaker dollar and lower US Treasury yields.

Gold miner Resolute Mining Ltd skidded 4.3 per cent, followed by Dacian Gold, down 3.1 per cent.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index fell 0.2 per cent to 12,430.5 a day ahead of the country's central bank's meeting.

In other markets, Japan's Nikkei was up 0.4 per cent at 28470.52, and the S&P 500 E-minis futures were up 3 points, or 0.1 per cent.

REUTERS