Australia: Shares stuck in tight range, resources top drag

AUSTRALIAN shares traded in a tight range on Thursday, as losses in resources stocks countered gains in financial and technology names, while Link Administration jumped after saying it would recommend Dye & Durham’s revised US$1.7 billion takeover offer.

The S&P/ASX 200 index rose about 0.1 per cent to 6,763.2 by 0100 GMT after closing 1.7 per cent higher on Wednesday. 

Energy stocks led the laggards, trading 1.3 per cent lower as oil prices fell for a second straight session after US government data showed tepid petrol demand during the peak summer driving season. 

Woodside Energy and Santos dipped 2.4 per cent and 0.4 per cent, respectively, even after reporting a jump in quarterly revenues. 

Miners fell 0.4 per cent as iron ore prices in China tumbled due to sustained weak demand for the steel-making ingredient. 

Index heavyweights Rio Tinto, Fortescue Metals Group and BHP Group dropped between 0.4 per cent and 1.8 per cent. 

Technology stocks firmed 2.6 per cent after a strong Nasdaq session overnight. Xero and Computershare gained 2.6 per cent and 0.3 per cent, respectively. 

Financials advanced about 0.2 per cent, with three of the “big four” banks rising about 0.3 per cent each. 

Shares of Link rose 8.9 per cent after the share registry company said it would recommend Canada’s Dye & Durham’s revised A$4.81 per share offer. 

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Australia: Shares jump on boost from resources and banking stocks

New Zealand’s benchmark S&P/NZX 50 index rose 0.7 per cent to 11,283.9. REUTERS