Australia: Miners, tech firms boost shares

[BENGALURU] Australian shares rose on Thursday, as tech stocks and miners led the charge with Fortescue Metals gaining after record fourth-quarter shipments and firmer commodity prices helped the iron ore miner beat its annual forecast.

The S&P/ASX 200 was up 0.4 per cent at 7,412.1 points, as of 1249 GMT. The index closed 0.7 per cent lower on Wednesday.

Markets showed scant reaction to reports that New South Wales, Australia's most populous state, recorded its biggest daily rise in Covid-19 cases since the pandemic began as residents of state capital Sydney face another month under tough curbs to stamp out the Delta variant.

Miners jumped 1.7 per cent to scale a record high, helped by a 3 per cent rise in sector heavyweight Fortescue Metals Group following its strong quarterly numbers.

Rivals Rio Tinto and BHP added more than 3 per cent each to hit all-time highs.

Tech stocks advanced more than 2 per cent, with Iress shares jumping 16.2 per cent to their highest in more than a year after the fintech company rejected a takeover offer from private-equity firm EQT.

Gold stocks climbed more than 1 per cent on higher bullion prices. Regis Resources and heavyweight Northern Star Resources gained 5.6 per cent and 1 per cent, respectively.

Bucking the upbeat mood, financials slipped 0.2 per cent with the "Big Four" banks falling between 0.2 per cent and 0.7 per cent.

Shares of Macquarie Group extended losses to a third consecutive session after the financial conglomerate trimmed its dividend payout range even though it reported a rise in first-quarter profit.

Energy stocks were up 0.3 per cent with Woodside Petroleum and Whitehaven Coal gaining 1.3 per cent and 0.9 per cent, respectively.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index was up 0.7 per cent, with healthcare and utility stocks leading the gains on the bourse.

REUTERS