Australia: Mining boost, Macquarie's outlook help shares rebound

[BENGALURU] Australia shares rose on Tuesday, as strong iron ore prices drove gains among mining stocks, while Macquarie Group climbed 5.6 per cent after the financial conglomerate posted an upbeat annual outlook on better market conditions.

The S&P/ASX 200 index was up 0.9 per cent at 7,174.2, as of 0030 GMT. The benchmark closed 0.1 per cent lower on Monday.

Miners led the gains with a 2.5 per cent climb on the back of strong iron ore prices following demand optimism from China after its state planner called for faster infrastructure construction.

Heavyweights BHP Group, Rio Tinto and Fortescue Metals Group advanced between 2.5 per cent and 2.8 per cent.

Financial stocks were up 0.4 per cent, despite losses in two of the "Big Four" banks, as Macquarie Group, which does not disclose profit figures in quarterly updates, flagged a "record" quarter, driven by profit contribution from its market-facing businesses and an improvement in overall trading conditions.

Commonwealth Bank of Australia and National Australia Bank lost marginally, while Westpac and Australia and New Zealand Banking Group gained 0.7 per cent and 0.5 per cent, respectively.

Suncorp Group advanced 4.8 per cent after its first-half cash earnings beat Citi's estimates, and the insurer set a natural hazard cost estimate below the lower end of an earlier forecast range.

Gold miners gained 1.2 per cent amid strong bullion prices, with Newcrest Mining and Northern Star adding about 1.4 per cent each.

Bucking the positive trend, the technology sector dropped 1.2 per cent, tracking a lower finish on Wall Street's tech-heavy Nasdaq index.

Australia-listed shares of Block Inc sank 6.2 per cent, while Computershare slipped 3.4 per cent

New Zealand's benchmark S&P/NZX 50 index was up 0.1 per cent at 12,295.48 points. REUTERS