Australia: Miners lift stocks to new peak, Lynas hits 8-1/2-year high

[BENGALURU] Australian shares hit a fresh high on Monday as mining stocks jumped more than 1 per cent, while rare earth producer Lynas hit its highest level since January 2013 after reporting record quarterly revenue.

The S&P/ASX 200 had risen 0.2 per cent to 7,408.30 points by 1247 GMT, extending gains to a fourth straight session.

Miners led the charge with a more than 1 per cent rise, with Lynas Rare Earths, the biggest winner on the benchmark index.

Lynas on Monday reported a record fourth-quarter revenue as robust demand led to a jump in sales of the metals it mines, offseting weaker prices.

Wall Street indexes gained on Friday, driven by upbeat earnings and signs of an economic revival.

At home, Victoria state on Monday reported fewer new Covid-19 cases, raising hopes of an end to a lockdown as planned, even as neighbouring New South Wales looked set to extend its strict stay-home orders.

Capping gains in Australian stocks was the gold subindex , which slipped 1.6 per cent as bullion prices fell. De Grey Mining and Resolute Mining declined 3.8 per cent and 3 per cent, respectively.

Energy stocks also gave up more than 1 per cent, with Whitehaven Coal and Ampol falling about 2 per cent each.

Elsewhere, Japan's Nikkei was up 1.6 per cent at 27,975.64 points, while the S&P 500 E-minis futures were down 0.2 per cent.

Across the Tasman sea, New Zealand's benchmark S&P/NZX 50 index was down 0.1 per cent at 12,722.50 points.

REUTERS