Australia: Shares close higher on rebound in miners, financials

[SYDNEY] Australian shares ended firmer on Tuesday, as mining and financial stocks recovered from sharp losses in the previous session, with Bingo Industries being the biggest gainer in the index after the waste management firm received a buyout offer.

The S&P/ASX 200 index rose 1.2 per cent to 6,742.60 at the close of trade, after it ended 0.8 per cent lower on Monday.

The gains seem to be a correction from Monday's downside moves, while positive GDP figures from China on Monday also helped broader sentiment, said Nick Twidale, CEO of ApaC at Sydney-based brokerage FP Markets.

Data on Monday showed that economic growth in Australia's largest trading partner, China, picked up speed in the fourth quarter, with growth beating expectations.

"There's no fresh negative news and domestic Covid-19 cases seem to be stabilising. These factors are helping investor confidence squeak back in," Mr Twidale added.

Most investors are hoping that the quick recovery in Beijing's economy could help spur growth across the rest of the region, while Australia recorded another day with no new locally acquired cases on Tuesday.

Bingo Industries was the top gainer in the index, ending 20.4 per cent higher after a private equity firm made a US$1.76 billion play for the company.

New Zealand's benchmark S&P/NZX 50 index rose 0.3 per cent or 42.95 points to finish the session at 12,881.31.

REUTERS