Australia: Shares track positive global cues on tech, commodity boost
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AUSTRALIAN shares edged higher on Friday (Apr 29), in line with global markets, after strong US tech earnings eased worries about economic slowdown and as crude prices rose on concerns of tightening worldwide supply.
The S&P/ASX 200 index was up 0.8 per cent at 7,415.00 by 12.45 am GMT, but was on track to record a second weekly loss. The benchmark closed 1.3 per cent higher on Thursday.
Gains in US technology stocks on the back of strong corporate earnings supported the Wall Street rally even after the US Commerce Department said in its advance GDP estimate that gross domestic product fell at a 1.4 per cent annualised rate last quarter.
Tracking US peers, Australian technology sub-index surged nearly 2 per cent.
Domestic gold stocks emerged from their 6-day losing streak to gain 2.2 per cent and become the top percentage gainers in the benchmark index.
Sector heavyweight Newcrest Mining advanced 2.4 per cent as gold miners continue to benefit from upbeat demand amid the uncertainty caused by the Russia-Ukraine conflict.
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An increase in oil prices pushed energy stocks 1.3 per cent higher on the domestic bourse in their third session of gains.
Woodside Petroleum and Santos rose 1.4 per cent and 1.3 per cent, respectively.
Crude prices settled higher on Thursday on the increased likelihood that Germany will join other European Union member-states in an embargo on Russian oil, which could further tighten supplies in the already stressed global market.
Origin Energy rose 2.4 per cent after the company posted a 78 per cent jump in third-quarter revenue from its stake in the Australia Pacific LNG project.
Financial stocks and miners were up 0.7 per cent and 0.5 per cent, respectively, with remaining sectors also trading in black.
Shares of Ramsay Health Care fell 0.6 per cent after the country's largest private hospital operator said its profit more than halved in the third quarter due to higher costs and disruptions from Covid-19 curbs.
New Zealand's benchmark S&P/NZX 50 index was down 0.1 per cent at 11,869.50. REUTERS
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